The Future of Nuclear New Build in Latin America
Latin America is not a nuclear newcomer. Brazil, Argentina, and Mexico have each operated commercial nuclear power plants for decades, building regulatory institutions, technical workforces, and grid integration experience that most emerging nuclear nations can only aspire to. Yet for all that accumulated capability, the region has until now remained a largely underutilised nuclear market. That is changing, and the pace of change is accelerating.
Across all three of the region's nuclear-capable economies, governments are simultaneously recommitting to existing programmes, unlocking stalled construction projects, and laying policy foundations for a new generation of reactors, which includes both large-scale and modular. The signal is clear: Latin America's nuclear new-build market is opening, and the opportunity is substantial.
Brazil: From Completion to Continental Scale
Brazil's nuclear story begins at Angra, a coastal site that has quietly underpinned the country's clean energy credentials for four decades. Angra 1 (609 MWe) and Angra 2 (1,275 MWe) together deliver around 2% of Brazil's total electricity generation. A modest share in absolute terms, but one that reflects the country's historically hydro-dominated grid rather than any deficiency in nuclear ambition.
The immediate investment focus is Angra 3. At 1,405 MWe and 62% complete, this is one of the most advanced stranded nuclear assets in the Western Hemisphere. Construction began in the 1980s, resumed in 2010, and was halted again in 2023 due to regulatory delays and municipal embargoes. Eletronuclear, the state utility responsible for the project, is now actively engaged in dialogue to resolve these constraints, with technical assessments, EPC partner procurement, and debt restructuring underway. The target is for full commissioning by 2028, at a project value of approximately $7 billion. Angra 3 represents one of the most concrete, near-term nuclear investment entry points in the entire Western Hemisphere.
Yet Angra 3 is only the beginning. Brazil has outlined a plan of historic ambition: the construction of four additional nuclear power plants targeting a total of 10 GW of nuclear capacity by 2050. Two plants are planned near the São Francisco River in the northeast, a region selected for its arid geography and industrial development potential, with an estimated combined capacity of 6,600 MWe. Two further reactors are planned in the southeast, close to the existing Angra site, adding an estimated 4,000 to 6,000 MWe. When fully realised, this programme represents a fivefold increase in Brazil's nuclear generation capacity.
Brazil's nuclear goal is also evolving technologically. The establishment of the United Parliamentary Front for Nuclear Technology and Activities in 2023 sends a clear political signal: Brazil is actively exploring Small Modular Reactors as a complement to its large-scale programme, particularly for remote and industrial applications. Brazil represents one of the most policy-ready, commercially scalable SMR markets in the developing world.
Argentina: Deep Expertise, SMR Ambition, and a Race to 2030
Argentina occupies a unique position in the Latin American nuclear landscape: it is the region's most technically self-sufficient nuclear nation, with a domestic industrial capability and indigenous reactor design history that few developing economies can match. Managed by Nucleoeléctrica Argentina S.A. (NA-SA), the country's three operating reactors (Atucha I (319 MWe), Atucha II (692 MWe), and Embalse (608 MWe, a CANDU design)) deliver a combined capacity of approximately 1,641 MWe, accounting for around 5% of Argentina's national electricity supply.
The country's technical credentials are further evidenced by its innovation record: Atucha I became the world's first Pressurised Heavy Water Reactor to use Slightly Enriched Uranium (SEU) in 2001, a fuel cycle advancement with meaningful implications for efficiency and supply security. These are commercial signals to international partners that Argentina is a sophisticated nuclear counterparty, capable of deep technology collaboration.
Argentina's most immediate new-build signal came in March 2025, when Demian Reidel, chairman of the council of advisors to President Javier Milei, announced plans to install four ACR-300 Small Modular Reactors at the Atucha site (a combined capacity of 1.2 GW) with the first unit targeting operation by 2030. The ACR-300 design is being developed by Invap, Argentina's state-owned technical project company and one of Latin America's most credible nuclear technology developers. While the design remains at an early engineering stage, the political commitment to a 2030 timeline is a powerful market signal, particularly for international technology partners and component suppliers who can accelerate the development pathway.
Argentina's longer-term indigenous SMR vision centres on the CAREM25, a modular 100 MW simplified Pressurised Water Reactor with integral steam generators, designed for electricity generation (25 MW net), research applications, or water desalination. Though construction is currently paused, CAREM25 represents Argentina's bid to position itself as a genuine SMR technology exporter. The opportunity lies in supporting CAREM25's path to completion and eventual commercialisation across regional and global markets.
Mexico: Stable Base, Strategic Expansion Horizon
Mexico's nuclear sector is characterised by operational stability and cautious but deliberate strategic intent. The country's two Boiling Water Reactors at Laguna Verde (Unit 1 (777 MWe) and Unit 2 (775 MWe)) have long been a reliable component of the national grid, generating over 3% of Mexico's electricity. They are also notably the only operating nuclear power plants in Central America and the Caribbean basin, making Mexico a regional reference point of significant strategic weight.
High-level government support for nuclear expansion has been consistent and cross-administration, driven by two complementary imperatives: reducing dependence on natural gas imports and cutting carbon emissions. An August 2022 Secretariat of Energy report projected annual nuclear electricity production doubling to 24 GWh by 2035. Even though the projection seems unrealistic, it showcases the clear position of nuclear energy in the country.
Mexico's longer-term nuclear horizon also encompasses Small Modular Reactors, where the country sees a dual application opportunity: grid-scale power generation and seawater desalination for agricultural use, a combination of particular strategic relevance given Mexico's water security challenges in its arid northern and coastal regions. SMR developers with dual-purpose technology portfolios will find in Mexico a policy environment that is both receptive and practically motivated.
The Commercial Opportunity: Where the Market Is Opening
Taken together, Brazil, Argentina, and Mexico represent a nuclear new-build market of significant commercial depth. Brazil alone is targeting 10 GW of new capacity, a programme that will require EPC contractors, reactor vendors, fuel cycle infrastructure, civil and electrical engineering, workforce development, and project finance at scale. Argentina is pursuing SMR deployment on an aggressive 2030 timeline while simultaneously advancing its own indigenous technology programmes. Mexico is signalling expansion and SMR integration in a market with existing grid infrastructure.
Across all three markets, the conditions for investment are strengthening. Governments are providing long-term policy frameworks. State utilities have operational credibility. Regulatory institutions are established. For international industry players, the question is not whether Latin America's nuclear market will grow. It is who will be positioned to capture it when it does.
The immediate priority is Brazil's Angra 3 and Argentina's ACR-300 programme. For SMR developers, all three markets offer structured near-to-medium term entry points. For financiers and multilateral institutions, the region's combination of sovereign commitment, existing infrastructure, and scalable demand makes it one of the most compelling nuclear investment propositions in the developing world.
