Oglethorpe, Georgia Power obtain loan guarantees for Vogtle project

By Sarah Lizee

Olympia, Wash., March 22 – Oglethorpe Power Corp. and Georgia Power Co. each finalized agreements with the United States Department of Energy for loan guarantees to be used for the financing of two nuclear generating units currently under construction at the Alvin W. Vogtle generating facility in Waynesboro, Ga.

Oglethorpe got a $1.62 billion loan guarantee, while Georgia Power got a $1.67 billion loan guarantee, according to two separate press releases.

Oglethorpe previously secured a $3.06 billion loan guarantee from the DOE in February 2014, while Georgia Power had secured loan guarantees of $3.46 billion, both for the construction of the units.

In combination, the two DOE loan guarantees for Oglethorpe total $4.68 billion and are expected to cover about 62% of Oglethorpe's total project budget for Vogtle of $7.5 billion, which includes financing costs and contingency.

Oglethorpe Power's ownership is 30%, representing 660 MW of capacity. Georgia Power owns 45.7%. The project's other co-owners include MEAG Power and Dalton Utilities.

Georgia Southern is an electric subsidiary of Southern Co. is based in Atlanta. Oglethorpe is a not-for-profit electric membership corporation based in Tucker, Ga.

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