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Deal to purchase Bellefonte Nuclear Power Plant is off

By WAFF 48 Digital Staff | November 30, 2018 JACKSON COUNTY, AL (WAFF) – The deal for Tennessee valley Authority to sell the partially completed Bellefonte Nuclear Power Plant in Jackson County has been derailed. Officials with Nuclear Development say they’ve been told by TVA they will not close on the deal.

Nuclear Development was set to purchase the property for over $110 million.

The future of the plant has been in question for decades.

The final date to close on the sale has passed, and TVA informed Nuclear Development late Thursday that the deal was off. An extension was granted by TVA but Nuclear Development officials stated on Friday that TVA would not grant another.

According to TVA, Nuclear Development had not acquired a license to own a nuclear plant.

TVA’s official statement is as follows:

“On Nov. 30, 2018, the parties were unable to complete the sale of the Bellefonte property after Nuclear Development’s lack of progress in meeting its legal obligations related to future ownership of the site. Nuclear Development did not complete the necessary NRC license transfer prior to the closing date as required by the Atomic Energy Act………http://www.waff.com/2018/11/30/deal-purchase-bellefonte-nuclear-power-plant-is-off/

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December 3, 2018 - Posted by | business and costs, USA

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