Significant additional financing is needed to complete the American Centrifuge Plant (ACP). Potential sources of financing include:
- We applied for a $2 billion loan guarantee for the project under the DOE Loan Guarantee Program in July 2008. We continue to pursue a DOE loan guarantee and are planning to update the DOE loan guarantee application for the project during 2013.
- We have also had discussions with Japanese export credit agencies regarding financing up to $1 billion of the cost of completing the ACP, with such potential financing predicated on the project receiving a DOE loan guarantee.
- We also expect to need at least $1 billion of capital for the project in addition to the DOE loan guarantee and the Japanese export credit funding. The amount of additional capital is dependent on a number of factors, including the amount of any revised cost estimate and schedule for the project, the amount of contingency or other capital that DOE, Japanese export credit agencies or investors may require, and the amount of the DOE credit subsidy cost that would be required to be paid in connection with a loan guarantee. We currently anticipate the sources for this capital to include cash generated by the project during startup, available USEC cash flow from operations and additional third party capital. We expect the additional third-party capital would be raised at the project level, including through the issuance of additional equity participation in the project.