Constellation Energy received a conditional loan commitment of up to $5 billion from the U.S. Department of Energy to upgrade and modernize its nuclear fleet. The financing is intended to help meet rising electricity demand from AI data centers.
The planned work covers facilities in Illinois, Pennsylvania and Maryland. The upgrades are expected to add nearly 1.1 gigawatts of electricity to the grid.
The government backing builds on billions of dollars in private-sector investments Constellation has already secured, including energy agreements with Google and Amazon.
Constellation shares rose nearly 3% in trading after the announcement, according to Bloomberg.