Solyndra-style problems seen in $8.33 billion federal loan guarantee for vogtle nuclear reactor project

Friday, Feb 01, 2013

ATLANTA, Jan. 30, 2013 /PRNewswire-USNewswire/ -- Documents newly acquired under a Freedom of Information Act (FOIA) request and subsequent litigation show that Solyndra-like problems are plaguing the controversial $8.33 billion federal loan guarantee conditionally committed for the construction of two nuclear reactors (Vogtle 3 and 4) in Georgia, according to a new analysis by Synapse Energy Economics and Earth Track for the Southern Alliance for Clean Energy (SACE).

Available at http://bit.ly/nonukeloans, the new report and related memo are based on hundreds of Department Energy (DOE) documents dated between June 2008 and July 2012. The analysis provides extensive new information about problems with the handling of the loan guarantee process for the Vogtle Project, the adequacy of the financial terms for the federal loan guarantees, risks to taxpayers not fully addressed in DOE's credit subsidy analysis, and indications of political interference with key financial decisions related to the conditional loan guarantees.

ABOUT SACE

Southern Alliance for Clean Energy promotes responsible energy choices that create global warming solutions and ensure clean, safe and healthy communities throughout the Southeast. Founded in 1985, SACE is the only regional organization primarily focused on developing clean energy solutions throughout the Southeast.  For more information, see http://www.cleanenergy.org.

SOURCE Southern Alliance for Clean Energy, Atlanta, GA