Company purchases unfinished nuclear power plant for $111 million

Updated: Nov. 14, 2016 at 12:59 PM CST
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HOLLYWOOD, AL (WAFF) - Nuclear Development LLC purchased the Bellefonte property for $111 million Monday morning during an auction.

The sale concluded a six-month auction process designed to help promote job creation and investment in northeast Alabama.

"Our primary goal in selling the site is to provide the best long-term economic return to the surrounding communities and the people of the Tennessee Valley," says Jim Chardos, TVA Bellefonte plant manager.

As a part of the deal, TVA required Nuclear Development LLC to make a $25 million minimum investment in the Bellefonte property during the first five years after the purchase.

Nuclear Development LLC also has two years to close on the property. TVA will maintain it until then.

The property is home to an unfinished nuclear power plant that Nuclear Development LLC plans to finish.

TVA announced the sale earlier this year saying that it no longer needed the site to meet future power needs.

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