Oglethorpe Power Closes DOE Loan Guarantee

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Feb 20, 2014, 04:42 ET

TUCKER, Ga., Feb. 20, 2014 /PRNewswire/ -- Oglethorpe Power Corporation has finalized an agreement with the United States Department of Energy for a $3.057 billion loan guarantee. This amount is to be used for the corporation's share of two new nuclear units currently under construction at Plant Vogtle located in Waynesboro, GA. Oglethorpe Power's ownership is 30 percent, representing 660MW of capacity. The additional capacity from units 3 and 4 at Plant Vogtle will provide a low cost, emission free generation resource to meet our members' future power supply needs. The two units are expected to come online in 2017 and 2018, respectively.

"We are pleased to finally reach this milestone with the Department of Energy on our loan guarantee and expect that this financing arrangement will result in substantial benefits to our members and their customers," said Elizabeth B. Higgins, executive vice president and chief financial officer.

Oglethorpe Power is one of the nation's largest power supply cooperatives, with $9 billion in assets, serving 38 Electric Membership Corporations which, collectively, provide electricity to more than 4.1 million Georgians.

A proponent of conscientious energy development and use, Oglethorpe balances reliable affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio of owned and managed resources includes natural gas, hydroelectric, coal, and nuclear generating plants with a combined capacity of approximately 7,800MW. Oglethorpe was established in 1974 and is owned by its 38 Member Systems. It is headquartered in Tucker, GA.

SOURCE Oglethorpe Power Corporation