Plant Vogtle closes on new reactor funding loans - WFXG FOX 54 - News Now

Plant Vogtle closes on new reactor funding loans

BURKE COUNTY, GA (WFXG) -

It's a seemingly never-ending project: the construction of two new reactors at Plant Vogtle. But, officials marked a huge milestone today as the multi-billion dollar project pushes on.

"It took a while for the federal government to realize, sure enough, the project is going to be sound," said Congressman John Barrow. "And so they're co-signing the note essentially, and that's going to lower the borrowing cost for everybody."

The US Department of Energy has stepped in to secure the loans for reactor three and four, which officials said, will save Georgia Power money, and in turn, pass on cost savings to customers.

"It's easy not to have these projects happen," said energy secretary Dr. Ernes Moniz. "To have them happen just takes a tremendous amount of partnership and cooperation, among many."

The buildout has also had a huge economic impact on the CSRA, according to officials, with 3000 jobs being created, and 5000 jobs at the height of construction.

"What we do is create an unassailable advantage for America, relative to other national, international competitors," said Tom Fanning, CEO of Southern Company. "To grow incomes, grow jobs, and make American lives better."

Officials said, with their continued partnership, more jobs and more opportunities should be on the horizon.

Copyright 2014 WFXG. All rights reserved.

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