HOLLYWOOD, Ala. (AP) — The Tennessee Valley Authority has sold an unfinished nuclear power plant in northeast Alabama for $111 million.
Nuclear Holdings LLC purchased the Bellefonte Nuclear Plant at auction Monday. The sale price was more than three times the minimum bid of $36.4 million.
The company plans to finish the twin-reactor as a nuclear power plant and bring it online. Such a project could mean billions of dollars in spending and hundreds of jobs in the Tennessee Valley.
Work began at the Bellefonte site in the mid-1970s, but the TVA never finished the two-reactor plant as demand for electricity waned. The utility says it has spent about $5 billion at the plant.
The purchaser gets two unfinished reactors, several buildings and 1,600 acres of land on the Tennessee River.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.