The Swedish government on Friday announced plans to lend up to 220 billion crowns ($23.5 billion) to energy companies willing to build new nuclear reactors, marking the country’s most ambitious nuclear investment in over four decades. Financial Markets Minister Niklas Wykman unveiled the proposal at a press conference, explaining that the funding will require parliamentary approval before it can be implemented.
The initiative aims to support the construction of 2,500 megawatts of new nuclear capacity, representing the first phase of Sweden’s long-term goal to develop a series of small modular reactors in the coming decades. Wykman emphasized that the loan is a financial framework to enable serious negotiations with potential investors rather than a final price tag.
Sweden has in recent years closed several older nuclear plants, creating a supply gap as the country pushes to expand fossil-free energy production. The right-wing government now sees nuclear power as critical to ensuring a stable electricity supply and meeting climate commitments while reducing dependence on imported energy.
Wykman noted that an additional 220 billion crowns may be set aside as a reserve to cover unforeseen costs, underscoring the scale and complexity of the project. He stressed that these funds would provide flexibility and help attract private partners to Sweden’s nuclear revival.
If approved, the loans would pave the way for Sweden’s first new nuclear reactors in more than 40 years, signaling a major shift in national energy policy. Officials say the move reflects growing recognition that nuclear power is essential to achieving carbon neutrality and supporting economic growth.
The proposal will now go before Sweden’s parliament, where debate is expected over funding levels, environmental concerns, and the role of nuclear energy in the country’s future. For the government, however, the message is clear: Sweden is ready to invest heavily in a nuclear comeback to secure a cleaner and more reliable energy future.