Georgia Power has completed the closing process for US$3.46bn in loan guarantees from the U.S. Department of Energy (DOE) toward the construction of Plant Vogtle units 3 and 4, near Waynesboro, Georgia (United States). Under the terms of the agreement, total guaranteed borrowings will be the lesser of 70% of the company's eligible projected costs or approximately US$3.46bn and will be funded by the Federal Financing Bank. Georgia Power received an initial draw of US$1bn and future draws may occur as often as quarterly. The two new nuclear units are under construction at Plant Vogtle, where two existing nuclear units have been in operation since the late 1980s. The new units, using state-of-the-art AP1000 technology, are among the first new nuclear units being built in the U.S. in 30 years. Construction started in March 2013 on unit 3 and in November 2013 at unit 4. With a capacity of 1,100 MW each, the new units are expected to begin commercial operation in 2017 and 2018, respectively.
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