Polish state nuclear project company Polskie Elektrownie Jądrowe (PEJ) has signed a loan agreement with the Export Import Bank of the United States (US Exim) in support of the Lubiatowo-Kopalino NPP. This is the first-ever direct financing agreement concluded between an American export credit agency and a Polish entity.
In November 2022, the then Polish government selected Westinghouse AP1000 reactor technology for a three-unit NPP, to be built at the Lubiatowo-Kopalino site in the Choczewo municipality in Pomerania. An agreement setting a plan for the delivery of the plant was signed in May 2023 by Westinghouse, Bechtel and PEJ. In September 2023, an engineering development agreement (EDA) was signed with Westinghouse and Bechtel to finalise a site-specific design for the NPP. In July 2024, the Ministry of Climate & Environment issued a decision-in-principle for PEJ to construct the plant. In December 2025, PEJ signed an amendment to the EDA to accelerate preparatory work on the NPP. According to the draft update of the Polish Nuclear Energy Program (PPEJ – Program Polskiej Energetyki Jądrowej) commercial operation of the first unit is to begin in 2036.
The agreement with US Exim was concluded under the Engineering Multiplier Program (EMP), which aims to finance preparatory and engineering works for investments carried out with the participation of American companies. The loan will increase the company’s liquidity by enabling the refinancing of some of the work previously carried out by the Westinghouse–Bechtel consortium under the EDA. The EMP programme provides funding for key work carried out prior to the start of construction, including feasibility studies and selected engineering and environmental services. It is designed for projects with a high potential to generate further export orders from the US and supports the preparation of investments for the next stages of financing.
Jim Burrows, Acting First Vice President and Vice Chairman of US Exim noted: “This agreement demonstrates Exim’s commitment to disseminating American energy technologies worldwide. By providing financing for the development of nuclear energy in Poland using American technical knowledge, we support American jobs and prove that American innovations are leading the industries of the future.”
“From letters of intent, we moved consistently to the first agreements,” said Marek Woszczyk, President of the PEJ Management Board. “The one we signed with US Exim is another example showing the credibility of the Polish nuclear project. The formal joining of the US export credit agency to the project also paves the way for us to sign further financing agreements with international institutions.”
The conclusion of the loan agreement is the next stage of PEJ’s cooperation with US Exim, following the previously issued letter of intent for $17.8bn. The current agreement is operational in nature and confirms US Exim’s readiness to continue supporting the project in subsequent phases of its implementation.
PEJ said the loan agreement with US Exim had given it greater flexibility in the implementation of project work planned for 2026. “This instrument is in line with the solutions provided for in the special nuclear act and supports stable financing of the project between subsequent stages of recapitalisation of the Pomeranian project investor,” PEJ noted.
The negotiations with US Exim were conducted with the support of specialised law firms. The contract complies with OECD guidelines and is secured by the assets of PEJ. The agreement, as adopted, fully safeguards the needs and risks of the nuclear project, according to PEJ. Bank Pekao SA is also a party to the contract and acts as a credit agent.
In January, Bank Gospodarstwa Krajowego (BGK) reaffirmed its readiness to support the financing of the project during a meeting between BGK president Mirosław Czekaj and PEJ Vice President Piotr Piela. Czekaj said BGK sees “enormous growth potential” in nuclear investment – not only for energy security but also for economic expansion through supply‑chain development, job creation, and long-term industrial benefits.
PEJ has so far signed letters of intent with 11 export credit agencies from Europe, North America and Asia, worth over PLN100bn ($28bn). The financing structure of the NPP project assumes that debt financing will constitute 70% of the investment cost, with the remaining part being provided from the state budget.
The Polish government plans to support this investment through an equity injection of about €14bn ($16.6bn) covering 30% of the project’s costs as well as state guarantees covering 100% of debt taken by PEJ to finance the project. There will also be a two-way contract for difference (CfD) providing revenue stability over the entire 60-year lifetime of the plant.
Preparatory construction activities are now underway while PEJ continues negotiating the engineering, procurement, and construction (EPC) contract. Documentation for upcoming administrative permits is being prepared in parallel. “Steady progress on our project is crucial to maintaining the construction schedule for Poland’s first nuclear power plant,” said Woszczyk.
In January, Bechtel and Westinghouse selected Arabelle Solutions to supply three half‑speed steam turbine–generator sets for the planned AP1000 units. The deal covers the entire turbine island for all three units – including turbines, generators, condensers, moisture separator reheaters, and feedwater systems – and positions the project to move from design into early procurement.
