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 site as a nuclear power plant and eventually bring it online. The project could mean billions of dollars in spending and hundreds of new jobs in the Tennessee Valley area.
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 over the history of its construction.
The purchaser gets two unfinished reactors, several buildings and 1,600 acres of land on the Tennessee River.