A new Dentons briefing explores how the construction-to-permanent financing model used in data centers could be adapted for nuclear-powered data center colocation projects. The paper addresses key hurdles like construction risk allocation, NRC licensing requirements, and capital stack design, proposing a framework to turn nuclear development into a scalable asset class. The analysis notes that AI-driven power demand is pushing hyperscale data center operators toward nuclear as a reliable, carbon-free source. But the industry still lacks a repeatable financing structure. The C2P model paired with PropCo/OpCo bifurcation could bridge that gap, though porting it to nuclear requires navigating regulatory complexity and construction timelines far longer than typical data center builds. For lenders and developers, the paper outlines specific risk allocation mechanisms including EPC contract forms, overrun waterfall structures, and DOE backstop considerations. The core argument is that standardized financing, not just better reactor technology, is what the nuclear renaissance needs to attract institutional capital at scale.
