To authorize private sector participation in designing, constructing, owning, and operating facilities which support Department of Energy waste cleanup and modernization missions.

Authorizes the Secretary of Energy to enter into 30-year agreements with private contractors for the construction, ownership, and operation of specified waste cleanup and modernization facilities if the facilities are: (1) provided at the contractors' expense; (2) near a Federal site under the Secretary's jurisdiction; and (3) support defense waste cleanup, research, or modernization efforts.

Prescribes agreement guidelines. Precludes the Secretary from entering into an agreement without prior submission to the Congress of a needs justification with respect to the engagement of a private contractor, and a demonstration that the proposed agreement is in the best economic interests of the United States.

Requires the Secretary to report to the Congress regarding the benefits of the agreements entered into, and recommendations for possible extension of the agreement authority.