The Department of Energy (DOE) will guarantee $1.8 billion in loans for the operators of two new nuclear reactors under construction at a power plant in Georgia, the department announced on Wednesday.
The government had previously provided $6.5 billion in loan guarantees for the Vogtle Electric Generating Plant project, the country’s first new nuclear facility to be licensed and begin construction in more than 30 years. Wednesday’s step, officials said, will allow the project to be fully-financed.
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Construction at the Vogtle plant has been plagued by delays, and the Associated Press reported Wednesday that cost overruns have threatened the $2.7 billion in savings project executives have said they would secure since state regulators approved construction in 2009. Operators expect to spend at least $7.5 billion on the project.The Vogtle project is one of three new nuclear power facilities under construction in the U.S. today. One of the plant’s two new reactors is scheduled to go online in 2019.
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