Nuclear Development, LLC entered into a contract to purchase the partially completed Bellefonte Nuclear Plant from the Tennessee Valley Authority at auction this week. They plan to invest up to $13 billion to complete construction of the nuclear energy facility, beginning in 2017.
Two bidders took part in the auction Monday morning: Nuclear Holdings LLC and Jackson Holdings LLC. The bidding escalated from the minimum bid of $36.4 million to more than $100 million in a matter of minutes before Jackson Holdings had its final bid of $110 million topped by Nuclear Development of $111 million.
The company plans to finish the twin-reactor as a nuclear power plant and bring it online. The project is expected to create between 3,000 and 4,000 temporary construction jobs and an estimated 2,000 permanent, high paying jobs once operational.
Nuclear Development, LLC is a family-owned and managed company established in 2012 by Franklin L. Haney.