NuScale amends CFPP deal: target cost to $89/MWh; new refund triggers, up to $81M restricted cash

NUSCALE POWER Corp

Target electricity cost raised to $89/MWh from $58/MWh under DCRA Amendment 3.
NuScale must refund development costs if 370 MWe subscription not secured by Feb 1, 2024 (currently 120 MWe).
Aggregate reimbursement cap up to $66M (LLM) + $60M (DCRA) for failed economic test; up to $120M (DCRA) for cause termination.
Up to $81M restricted cash required as letter of credit collateral by Dec 31, 2023.
LLM Agreement caps Phase 1 long-lead material value at $49M; NuScale gets rights to LLM if refund triggered.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NUSCALE POWER Corp entered into Long Lead Material Reimbursement Agreement with CFPP LLC valued at reimbursement obligations for long-lead materials; NuScale may be obligated to refund a percentage o (effective 2023-02-28).

Action: entry
Counterparty: CFPP LLC
Value: reimbursement obligations for long-lead materials; NuScale may be obligated to refund a percentage o
Effective: 2023-02-28

Exact text from the filing

As finalized on March 7, 2023, NuScale Power, LLC (together with NuScale Power Corporation, its parent, “NuScale”, “we” or “our”) entered into (i) Amendment 3 (the “Amendment”) to the Development Cost Reimbursement Agreement (the “DCRA”), dated December 31, 2020, with CFPP LLC, as successor by assignment to Utah Associated Municipal Power Systems (“UAMPS”), and (ii) the Long Lead Material Reimbursement Agreement with CFPP LLC (the “LLM Agreement”), both effective as of February 28, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NUSCALE POWER Corp amended Amendment 3 to the Development Cost Reimbursement Agreement with CFPP LLC valued at amendment increases target cost from $58.00/MWh to $89.00/MWh, aggregate cap for failure of economic (effective 2023-02-28).

Action: amendment
Counterparty: CFPP LLC
Value: amendment increases target cost from $58.00/MWh to $89.00/MWh, aggregate cap for failure of economic
Effective: 2023-02-28

Exact text from the filing

As finalized on March 7, 2023, NuScale Power, LLC (together with NuScale Power Corporation, its parent, “NuScale”, “we” or “our”) entered into (i) Amendment 3 (the “Amendment”) to the Development Cost Reimbursement Agreement (the “DCRA”), dated December 31, 2020, with CFPP LLC, as successor by assignment to Utah Associated Municipal Power Systems (“UAMPS”), and (ii) the Long Lead Material Reimbursement Agreement with CFPP LLC (the “LLM Agreement”), both effective as of February 28, 2023.

View on SEC.gov

Browse all material agreements →

NUSCALE POWER Corp filing history →

Source: SEC EDGAR

accession 0001822966-23-000049

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.