Georgia Power has received $1.8 billion in loans from the Federal Financing Bank (FFB) to support the construction activity at the Plant Vogtle Nuclear Expansion project, it announced Thursday.
The project involves the construction of Vogtle Units 3 and 4, which the company has deemed to be the most economically viable solution to meet Georgia's anticipated electrical demand.
The total expected to be borrowed from the FFB is approximately $3.46 billion over the course of the project.
"As we reach the halfway point in expected federal loans, the benefits of the Vogtle expansion we anticipate bringing to customers remain overwhelmingly positive," Buzz Miller, executive vice president of nuclear development for Georgia Power, said. "Georgia Power, and the other co-owners that have worked to complete the loan guarantee process, recognized the value of pursuing federal support for the first new U.S. nuclear units in decades and are bringing real savings for the state's electric customers."
The plant has two nuclear reactor units that are each capable of producing 1,215 megawatts of energy. The new units are expected to have 1,117 generating capacity a piece, bringing the total generating capacity of the facility to 4,664 megawatts off electrical energy.