TUCKER, Ga., Sept. 29, 2017 /PRNewswire/ -- Oglethorpe Power Corporation has received a conditional commitment from the U.S. Department of Energy (DOE) of an additional loan guarantee for approximately $1.62 billion to finance a portion of its costs to construct Plant Vogtle Units 3 and 4 near Waynesboro, GA.
This loan guarantee is in addition to a $3.057 billion loan guarantee issued to Oglethorpe Power by the DOE in February 2014. The commitment is subject to the execution of definitive agreements to be entered into between Oglethorpe Power and the DOE.
"We are very pleased to have been offered this additional loan guarantee from the DOE and expect that this financing arrangement, coupled with our original DOE loan, will conservatively result in net present value benefits of over $500 million to our members and their customers," said Elizabeth B. Higgins, executive vice president and chief financial officer.
"We appreciate the DOE's hard work and dedication over the past several months to achieve this milestone."
Oglethorpe Power owns a 30 percent share of Vogtle Units 3 and 4.
Oglethorpe Power is one of the nation's largest power supply cooperatives with more than $10 billion in assets, serving 38 Electric Membership Corporations which, collectively, provide electricity to approximately 4.1 million Georgia residents.
SOURCE Oglethorpe Power Corporation