The U.S. Department of Energy (DOE) announced it would issue the remaining $1.8 billion in loan guarantees for two new nuclear reactors under construction at Plant Vogtle in Georgia.
The funds will go to three subsidiaries of the Municipal Electric Authority of Georgia (MEAG), one of the co-owners of the plant along with Georgia Power, a subsidiary of Southern Co. (NYSE: SO), Oglethorpe Power Corp. and Dalton Utilities. This funding is the last of the three conditional commitments first announced in 2010. When combined with the previously issued $6.5 billion in loan guarantees to Georgia Power and Oglethorpe, the loan guarantees allow the reactors to be fully financed. Dalton Utilities did not apply for any loans.
The Vogtle project consists of two 1,100-MW Westinghouse AP1000 reactors at the site of two operating reactors. The new reactors are expected to come online in 2019 and 2020.
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