Press Release June 25, 2015

MEAG Power Closes on $1.8 Billion in Financing for Nuclear Plant Expansion

Alston & Bird has advised the Municipal Electric Authority of Georgia (MEAG Power) on $1.8 billion in financing to support MEAG Power’s share of constructing two advanced nuclear reactors at the Alvin W. Vogtle Electric Generating Plant near Waynesboro, GA.

The nuclear units are the first to be licensed and under construction in the United States in more than three decades.

The credit facilities comprise three loans from the Federal Financing Bank that are guaranteed by the U.S. Department of Energy (DOE). These loans mark the completion of the DOE’s commitment to the Vogtle expansion project following the issuance of $6.5 billion in loan guarantees to two of Vogtle’s other co-owners last year.

A long-term Alston & Bird client, MEAG Power is a public power entity created by the state of Georgia that provides wholesale generation and transmission service to 49 Georgia communities serving some 600,000 consumers.

Advising MEAG Power was an Alston & Bird team led by partner Jonathan Wells (Environment, Land Use & Natural Resources), with support from partners Peter Floyd (Government & Economic Incentives), Frank Smith (Intellectual Property Litigation), Craig Pett (Employee Benefits & Executive Compensation), Clark Calhoun and Michael Petrik (State & Local Tax), Albert Bender (Corporate & Finance), John Weitnauer (Bankruptcy & Financial Restructuring), Thomas Crocker (International Trade & Regulatory) and Edward Kang (Government & Internal Investigations); counsel Cliff Stanford (Bank Regulatory); senior associates Jason Howard (Corporate & Finance) and Matthew McNeill (Intellectual Property Litigation); and associate Geoff Rathgeber (Environment, Land Use & Natural Resources).

Media Contact
Nicholas Clarke
Senior Communications Manager
Phone: 212.210.1222

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