HOLLYWOOD, Ala. — After spending more than 40 years and $5 billion on an unfinished nuclear power plant in northeastern Alabama, the nation’s largest federal utility is preparing to sell the property at a fraction of its cost.
The utility, the Tennessee Valley Authority, has set a minimum bid of $36.4 million for its Bellefonte Nuclear Plant and 1,600 surrounding acres of waterfront property on the Tennessee River. The deal includes two unfinished nuclear reactors, transmission lines, office and warehouse buildings, eight miles of roads and a 1,000-space parking lot.
Initial bids are due Monday, and at least one company has expressed interest in the site, with plans to use it for alternative energy production. But the utility is not particular about what the buyer does — using the site for power production, industrial manufacturing, recreation or even residences would all be fine, said Scott Fiedler, an agency spokesman.
“It’s all about jobs and investment, and that’s our primary goal for selling this property,” Mr. Fiedler said. The utility hopes to close the deal in October.
The interested buyer, Phoenix Energy, based in Nevada, has said it will offer $38 million for Bellefonte in hopes of using it for a non-nuclear technology to generate power.