Secretary Perry announces financial close on additional loan guarantees during trip to Vogtle advanced nuclear energy project
March 22, 2019
Today at the Alvin W. Vogtle Electric Generating Plant, U.S. Secretary of Energy Rick Perry announced that the Department of Energy reached financial close for up to $3.7 billion in additional guarantees of loans to finance the continued construction of Vogtle Units 3 and 4, the nation’s only active advanced nuclear energy construction project.
The Department issued guarantees of loans for the following Vogtle owners: up to $1.67 billion to Georgia Power Company (GPC); up to $1.6 billion to Oglethorpe Power Corporation (OPC); and up to $415 million to three subsidiaries of the Municipal Electric Authority of Georgia (MEAG Power). The Department had previously announced conditional commitments for the additional $3.7 billion in loan guarantees in September 2017. The Department will now guarantee a total of up to $12 billion in loans for the project, including existing guarantees of up to $8.3 billion in loans to GPC, OPC, and the MEAG Power subsidiaries provided in 2014 and 2015.
“The Vogtle project is critically important to supporting the Administration’s direction to revitalize and expand the U.S. nuclear industry,” said Secretary Perry. “A strong nuclear industry supports a reliable and resilient grid, and strengthens our energy and national security. As I’ve witnessed firsthand today, Vogtle is also an energy infrastructure project with a massive scope employing thousands of workers. This project is rebuilding a highly skilled U.S. nuclear workforce and supply chain for the future.”
The Vogtle project is the first new nuclear power plant to be licensed and begin construction in the United States in more than three decades. Once in operation, these two new nuclear reactors are expected to provide more than 17 million megawatt-hours of clean electricity annually. This is enough reliable electricity to power more than 1.6 million American homes while avoiding nearly 10 million metric tons of carbon dioxide emissions annually.
The two new nuclear reactors at Vogtle will supplement the two existing reactor units at the site. Currently, approximately 7,500 construction workers are on site and more than 9,000 workers are expected to be on site during peak construction. Approximately 800 permanent jobs are expected once the units begin operation.
To learn more about the Vogtle Advanced Nuclear Energy Project visit DOE’s Loan Programs Office website HERE.