Nuclear Development, LLC purchases Bellefonte for $111 Million

By Danielle Wallingsford Kirkland

After just a five minute bidding war between Jackson Holdings, LLC and Nuclear Development, LLC, TVA’s decades old unfinished nuclear plant site, Bellenfonte, was purchased for $111 million. Franklin Haney, who established Nuclear Development, LLC in 2012, won the auction after  the Jackson Holdings representative bowed out after his final $110 million bid. 

Franklin Haney makes a bid on TVA's Bellefonte at an auction held Monday, November 14 at the nuclear plant site.

Bud Cramer, former U.S. Congressman, spoke to the press on behalf of the Haney family after the auction and said the family has been working towards this purchase for many years.

“This has been a long time coming,” Cramer said. 

Bud Cramer speaks with press on behalf of the Haney family after the auction.

Cramer said the purchase will salvage tax payer money that has been invested in Bellefonte by TVA since the mid 1970s.

“Franklin Haney’s plan is to advance that investment, take advantage of that investment, create jobs, make this a nuclear facility that is state of the art,” Cramer said.

Cramer added that in this day and age there are environmental issues that create pressure to make sure nuclear energy is clean.

According to a press release, Nuclear Development plans to invest up to $13 billion additional dollars to compete the construction of the facility beginning next year. Once the plant is operational it could create as many as 2,000 permanent and high paying jobs. During the construction phase it is expected to create between 3,000 and 4,000 temporary jobs.

Haney shakes hands with TVA auctioneer after making his company's $111 million purchase.

“Today marks the first step of an exciting new journey for the people of Alabama and Tennessee,” said Haney in the press release. “The Bellefonte Nuclear Station will help transform communities across the region – many of which have been hit hard by the forced closure of coal power plants over the last decade. This project will bring new life to the region by creating thousands of jobs while providing assured access to reliable, affordable, zero-emission energy.”

Cramer said there was no definite time frame for the project.

“The transfer of the license, the financing … new technology, those are time consuming issues to say the least,” he said.

According to the auction rules, Nuclear Development must pay 20 percent of the auction price by Nov.16.

Rick Roden, president of the Jackson County Chamber of Commerce, said the sale of Bellefonte is huge news of the county.

“That (paired) with Google, get ready to strap in because Jackson County is fixing to explode,” Roden said.

Jackson County Commission Chairman Matthew Hodges said he is hopeful that the sale will bring financial benefits to the county.

“It’s definitely better than we are now, which is it’s sitting there with no benefit,” Hodges said.

Hodges said if TVA were to retain ownership of the facility, the county would receive no benefits from that within a few years as TVA –in-lieu-of-tax payments continue to decline.

“For the county as a whole, financially it is going to be huge I think,” Hodges said.

Hodges added that the sale should not impact TVA-in-lieu-of-tax payments immediately since payments were already scheduled to drop for the next four years.

According to Nuclear Development, when Bellefonte is completed it will “feature state of the art technology and security systems, including a digital Instrumentation and Control system for the reactor, double barrier safety barriers and a control room simulator for training operations.”