Sold: One Unfinished Nuclear Power Plant

November 16, 2016

Nuclear Development LLC entered into a contract to acquire the Bellefonte Nuclear Plant in Hollywood, Alabama from the Tennessee Valley Authority for $111 million at auction this week. The minimum bid for the property was set at $36.4 million. The new owner said it plans to spend up to $13 billion to complete the nuclear generator and  bring the facility online.

Franklin L. Haney, principle with Nuclear Development LLC, said completion of the plant will bring new life to a region hit hard by the closure of coal power plants. Once completed, Bellefonte will feature state-of-the-art technology and security systems, including a digital instrumentation and control system for the reactor, double-barrier safety barriers, and a control room simulator for training operations.

Construction of the Bellefonte plant began in the mid-1970s but was never finished. For its $111M, Nuclear Development gets 1,600 acres on Guntersville Reservoir, two partially constructed Babcock & Wilcox pressurized water nuclear reactors, two high-voltage switchyards and several office and support buildings. It also contains significant nuclear power station equipment, reinforced containment buildings, used fuel storage pools and high capacity cranes for fuel loading, unloading and movement.

Nuclear Development LLC, a family-owned and managed company in Washington, DC, was established in 2012 by Haney.

The company has two years to secure financing and complete the purchase.