US and South Korea announce $120 billion framework to build up to eight nuclear reactors on American federal sites

The United States and South Korea announced a non-binding framework on September 30, 2026, under which Korea would commit up to $120 billion to help finance the construction of as many as eight large nuclear reactors on federally designated sites across the United States.

The deal, built on a previously signed memorandum of understanding, envisions six Westinghouse AP1000 reactors and up to two Korean APR1400 units — a combination that would represent one of the largest foreign-backed nuclear buildouts ever undertaken on American soil.

Framework calls for up to eight reactors on US federal land

The September 30, 2026, announcement came under an existing memorandum of understanding between Washington and Seoul. Korea would put in $120 billion to help finance construction, drawing on expertise and companies from both countries.

At its core, the September 30 announcement establishes a high-level structure for what could become one of the largest foreign-backed nuclear projects in US history.

The plan includes six Westinghouse AP1000 reactors and up to two APR1400 units, both going on federal sites designated by the US government. Construction is expected to kick off with two AP1000s, with additional units following as sites get identified and agreements get finalized.

The AP1000 is a generation III+ reactor already fully licensed in the US. The APR1400 is a Korean design built on Westinghouse technology — a detail that carries real weight once intellectual property enters the conversation.

Framework builds on 2025 Cameco–Brookfield–Commerce Department partnership

This framework didn’t come out of nowhere. It extends a strategic partnership announced in October 2025 between Cameco, Brookfield Asset Management, and the US Department of Commerce, laying out a potential funding and execution pathway for new reactor construction under that existing arrangement.

Cameco was explicit that the framework is separate from the Department of Energy’s American Nuclear Supply Chain Loans conditional commitment — a distinct initiative that shouldn’t be conflated with this deal. Before anything moves forward, definitive agreements, specific site identification, regulatory approvals, and financing arrangements all need to fall into place. The September 30 announcement marks the start of a process, not the end of one.

IP waiver and compensation package central to APR1400 inclusion

Including up to two APR1400 reactors comes with a significant legal prerequisite. The framework contemplates a one-time waiver of the 2025 settlement that Westinghouse reached with Korea Electric Power Corporation (KEPCO) and Korea Hydro & Nuclear Power Co., Ltd. (KHNP) over an intellectual property dispute — a waiver that would allow APR1400 reactors to be built on US soil, something the settlement’s current terms would otherwise block.

In exchange, Westinghouse would receive substantial compensation. The associated package is expected to deliver roughly $2 billion per APR1400 reactor, drawn from IP licensing fees, engineering and procurement services, subcontracting opportunities, and long-term fuel fabrication contracts.

The framework also contemplates a potential Korean equity investment in Westinghouse itself, though that would still require definitive agreements, due diligence, corporate approvals, and regulatory sign-off. Cameco, which holds an ownership stake in Westinghouse, said it doesn’t expect any Korean equity participation to affect its own interest in the company.

Expected effects: Clean energy capacity and supply chain acceleration

If the framework leads to completed reactors, the impact on US nuclear capacity could be substantial. The buildout would contribute to the US goal of tripling civil nuclear capacity by 2050 — an objective that’s picked up significant policy momentum in recent years.

Cameco CEO Tim Gitzel pointed to the Department of Energy’s loan program as a key accelerant. Under that program, AP1000 construction timelines are expected to shorten by as much as three years. In an industry where projects routinely run long and over budget, that kind of schedule compression matters enormously.

Gitzel also framed the framework in broader terms. New AP1000 orders represent an opportunity to derisk and accelerate the global buildout of that reactor fleet — benefits that reach well beyond American borders. Cameco’s ownership stake in Westinghouse Nuclear means the company has a direct financial interest in how this plays out, and it reiterated that Korean equity participation wouldn’t be expected to dilute that stake.

Conditions, risks, and next steps

The framework is explicitly non-binding. Every major term still needs final negotiations, and there’s no guarantee that definitive agreements will actually get signed.

The risks span several fronts. Definitive agreements may not materialize. Regulatory approvals in both the US and Korea may not come through, and energy policy priorities in either country could shift in the meantime. Site identification — which hasn’t happened yet — brings its own logistical and political complications. The waiver between Westinghouse, KEPCO, and KHNP also needs to be finalized separately, as its own distinct negotiation.

Despite those caveats, Cameco’s CEO was clear about where the company stands. “We are pleased to see the US government continuing on a path to expanding nuclear power capacity in the US,” Gitzel said in the company’s statement.

What the framework means right now

At its core, the September 30 announcement establishes a high-level structure for what could become one of the largest foreign-backed nuclear projects in US history. Korea provides the financing, Westinghouse and Korean firms provide the technology and expertise, and the US federal government designates the sites.

The framework extends an existing partnership, addresses a standing IP dispute through a negotiated waiver, and opens the door to a Korean equity stake in Westinghouse. Construction would start with two AP1000 reactors and could eventually reach eight units total. Every piece still depends on turning a non-binding framework into signed contracts, approved sites, and regulatory clearances. That’s the work still ahead.