---
schema_version: "secwatch.filing_event.v1"
accession: "0000092122-26-000010"
form_type: "8-K"
ticker: null
cik: "0000003153"
company_name: "ALABAMA POWER CO"
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:31:27.084867+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Alabama Power and Georgia Power enter $26.5B DOE-backed loan facilities for energy projects

## Summary
- Alabama Power facility up to ~$4.1B; Georgia Power facility up to ~$22.4B ($26.5B total).
- Georgia Power requested initial $1.0B advance, expected to close in March 2026.
- Interest rate: U.S. Treasury plus 0.375%; final maturity December 10, 2055.
- Issuance costs: Alabama ~$10M, Georgia ~$29M; proceeds fund eligible energy projects.
- Loans are senior unsecured obligations of each utility; DOE guarantees repayment.

## SEC filing metadata
- accession: 0000092122-26-000010
- form_type: 8-K
- cik: 0000003153
- company_name: ALABAMA POWER CO
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/so-20260220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000092122-26-000010
- JSON: https://secwatch.observer/filing/0000092122-26-000010.json
- Plain text: https://secwatch.observer/filing/0000092122-26-000010.txt

## Source-grounded claims
- claim_id: 04e5eca8c21a3d17ab92f60a0297a0129dcb31dd
  claim: ALABAMA POWER CO incurred term loan of approximately $4.1 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
  evidence_excerpt: nuclear facilities; coal-to-gas conversions; and grid enhancements. The aggregate amount of advances under the Alabama Power Credit Facility may not exceed approximately $4.1 billion (the “Alabama Power Maximum Facility Amount”). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (the “Georgia
  evidence_url: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm
- claim_id: 9df5ba260b2011c6bdcc538a74c27f34efc4bdfa
  claim: ALABAMA POWER CO incurred term loan of approximately $1.0 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
  evidence_excerpt: On February 20, 2026, Georgia Power requested initial advances under the Georgia Power Credit Facility in an amount of approximately $1.0 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm
- claim_id: dd8150b4b2d5a790bc865d2c7ae0eb2b59514db6
  claim: ALABAMA POWER CO incurred term loan of approximately $22.4 billion with Federal Financing Bank at U.S. Treasury rate plus a spread of 0.375% maturing December 10, 2055.
  evidence_excerpt: approximately $4.1 billion (the “Alabama Power Maximum Facility Amount”). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (the “Georgia Power Maximum Facility Amount” and, together with the Alabama Power Maximum Facility Amount, the “Maximum Facility Amounts”). Subject to the satisfaction of
  evidence_url: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm
- claim_id: 8877c0fe5a26a61b578ec660b38170752cceea4d
  claim: ALABAMA POWER CO entered into Alabama Power Loan Documents with U.S. Department of Energy valued at Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi (effective 2026-02-20).
  evidence_excerpt: Alabama Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (the “Alabama Power LGA”), between Alabama Power and the U.S. Department of Energy (the “DOE”), as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (the “Alabama Power NPA”), among Alabama Power, the Federal Financing Bank (the “FFB”) and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Alabama Power to the FFB
  evidence_url: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm
- claim_id: b6355d1ff95463fdb0936ad91a0051429ef46dac
  claim: ALABAMA POWER CO entered into Georgia Power Loan Documents with U.S. Department of Energy valued at Loan guarantee agreement and future advance promissory notes; aggregate principal amount not specifi (effective 2026-02-20).
  evidence_excerpt: In addition, on February 20, 2026, pursuant to the DOE Loan Guarantee Program, Georgia Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (the “Georgia Power LGA” and, together with the Alabama Power LGA, the “Loan Guarantee Agreements”), between Georgia Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (the “Georgia Power NPA”), among Georgia Power, the FFB and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Georgia Power to the FFB
  evidence_url: https://www.sec.gov/Archives/edgar/data/3153/000009212226000010/0000092122-26-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.