The US Energy Secretary Rick Perry has unveiled a conditional commitment to provide a $3.7bn loan to support the expansion of Alvin W. Vogtle Electric Generating Plant in Georgia.
The loan will be used to build two new nuclear reactors.
Plant co-owners Georgia Power Company (GPC), Oglethorpe Power (OPC), and three subsidiaries of Municipal Electric Authority of Georgia (MEAG Power) are expected to receive $1.67bn, $1.6bn, and $415m, respectively, adding to a previous guaranteed loan of $8.3bn given to support construction of two reactor units at the plant.
Perry said: “I believe the future of nuclear energy in the US is bright and look forward to expanding American leadership in innovative nuclear technologies.
“Advanced nuclear energy projects such as Vogtle are the kind of important energy infrastructure projects that support a reliable and resilient grid, promote economic growth, and strengthen our energy and national security.”
In addition, the expansion of Vogtle nuclear power plant has already surpassed its initial budget and timeline.
The project faced an uncertain future after main contractor Westinghouse Electric filed for bankruptcy in March this year, reported Associated Press.
According to GPC, construction of Vogtle plant’s two new reactors is scheduled to be completed by November 2022.