Georgia’s Municipal Electric Authority (MEAG Power) plans to borrow over $2.5bn to finance its share of two new nuclear reactors.

The 1,100MW units will be located at the existing Plant Vogtle, becoming the third and fourth units at the plant.

MEAG Power owns a 22.7% stake in the new units jointly owned with Georgia Power, Oglethorpe Power and Dalton Utilities and operated by Southern Nuclear.

The authority plans to issue $2.48bn in bonds and $54m tax-exempt bonds to finance a portion of its expenditure on the plants.

The new units are expected to cost approximately $14bn, of which MEAG Power’s share amounts to $3.7bn.

The units are expected to be operational by 2016 and 2017.