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Oglethorpe borrows $585M under Vogtle federal loan guarantee

The Department of Energy has permitted Oglethorpe Power Corp. to borrow an advance of $585 million under the company's $3.1 billion loan guarantee agreement, to fund project costs related to the construction of the Alvin W. Vogtle nuclear units 3 and 4.

Oglethorpe Power said it expects to receive the advance by March 15, according to a filing. Upon receipt of the advance, Oglethorpe will have borrowed $2.4 billion under the loan. Oglethorpe owns a 30% share of Vogtle, according to S&P Global Market Intelligence data.