Plant Vogtle nuclear expansion under construction. BRANT SANDERLIN / BSANDERLIN@AJC.COM

Plant Vogtle partners get first $300 million “guarantee” payment

Georgia Power said it received $300 million from Toshiba Corp. Monday, the first installment of almost $3.7 billion aimed at covering cost overruns at the troubled Plant Vogtle project.

The Japanese conglomerate promised to pay $3.68 billion in installments after Westinghouse Corp., formerly a key contractor at Plant Vogtle, filed bankruptcy in March.

Georgia Power, the largest owner in the project to build two new nuclear reactors at the Plant Vogtle site near Augusta, said it will receive $137 million from the first installment.

“This payment is a positive indication of Toshiba’s commitment to meeting its financial obligation under the parent guarantee, which was put in place to protect Georgia electric customers as part of the original contract for the project,” Georgia Power said in a statement.

But there’s some question over whether Toshiba, which is wobbly itself, will be able to keep up with its payments under the guarantee. The last installment is to be paid in early 2021.

Toshiba, which was hit hard by losses on Plant Vogtle construction, has warned in recent months that it may not be able to continue as a “going concern.”


AJC Business reporter Russell Grantham keeps you updated on the latest news about major companies, CEOs and public utilities in metro Atlanta and beyond. You'll find more on, including these stories:

Never miss a minute of what's happening in local business news. Subscribe to

In other Business news:

The following 13 classes will help teach you the skills you need for the modern workforce Job Interview Skills Training Course HTML Introduction to Spreadsheets and Models Learning Web Analytics Conversational Spanish Made Easy Learn Adobe Illustrator from Scratch Marketing in a Digital World Successful Negotiation: Essential Strategies and Skills Complete Guide to Drafting a Business Plan Report Writing Made Simple Introduction to Video Editing Secret Sauce of Great Writing The Complete Presentation and

Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.

Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.