Brazil’s Mines and Energy Ministry is pressing the federal government for an urgent capital injection into Eletronuclear, warning that the state-run nuclear power operator is at risk of running out of cash within weeks.

The appeal comes as Eletronuclear struggles with mounting debt and stalled financing linked to its nuclear projects, particularly the long-delayed Angra 3 plant in Rio de Janeiro. In a letter sent to economic ministries this week, Energy Minister Alexandre Silveira cautioned that the company faces “serious financial exposure” after the 2026 federal budget excluded planned resources for Angra 3 maintenance and equipment.

According to ministry documents reviewed by Reuters, Eletronuclear has highlighted a need for around 1.4 billion reais ($263 million) to remain solvent and avoid government dilution in an upcoming bond operation. Without the funds, the company warned, it may default on short-term obligations — including 570 million reais due to private banks by December — and risk triggering cross-defaults with state lenders BNDES and Caixa.

The crisis has already delayed a 2.4 billion-reais ($450 million) bond issuance intended to extend the lifespan of Angra 1, one of Brazil’s only two operating nuclear reactors. Under the proposed structure, Eletrobras would subscribe to the securities, with the option to convert them into shares later, a move that requires additional federal support to prevent a loss of state control.

Eletronuclear, controlled by the government’s holding company ENBPar, has also warned of cash reserves running out as early as November. Internal analyses suggest that without federal backing, the company could face insolvency just as it prepares to refinance critical projects and obligations.

The Finance Ministry and Eletronuclear have yet to comment publicly on the request. Meanwhile, the uncertainty around the company’s finances threatens to further delay Brazil’s nuclear expansion plans, leaving its existing reactors under financial strain.