The Tennessee Valley Authority employed a company to auction off the Bellefonte Nuclear Plant in Alabama.
Concentric Energy Advisors Inc. said it will use a two-stage auction process to complete the sale of the plant. The TVA Board declared the plant to be surplus property and authorized its sale on May 5.
The initial indicative bidding process will take place on or before Sept. 9. Following a detailed due diligence period, a second and final round of bidding will take place and close with a public auction in October.
The sale includes the approximately 1,600-acre site on Guntersville Reservoir, and two partially constructed Babcock & Wilcox (NYSE: BW) pressurized water reactors. TVA holds licenses from the U.S. Nuclear Regulatory Commission to build the two units. Additional facilities for sale include transmission infrastructure on the site, two cooling towers, water intake systems and office and warehouse buildings.
TVA said it has spent more than $4 billion on the unfinished site. Phoenix Energy of Nevada offered $38 million in May, but TVA rejected the offer.
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