India hunts for US funding for Westinghouse nuke project

It's gunning for $8-8b loan for 6 reactors.

According to a Reuters report, India is negotiating with U.S. Export-Import Bank for an $8-9 billion loan to finance six Westinghouse Electric nuclear reactors, two sources familiar with the talks said, although a lending freeze at the trade agency threatens progress.

The mega-project, the result of warming U.S.-India ties in recent years, could open up billions of dollars of further investment in India's nuclear power sector, which was for decades shut out of the global market.

Reuters reports that India now targets a tenfold expansion in capacity to 63,000 MW by 2032, and U.S., French and Russian companies are among those chasing the business.

"The Westinghouse deal, however, is contingent on financing and Ex-Im cannot approve loans of more than $10 million, owing to a row in the U.S. Congress over board appointments stemming from a campaign by conservatives to close the government lender," it said in the report.

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