A business tycoon from the US has recently made history, he became the first ever individual to purchase a nuclear power station. Franklin J. Haney, whom has made his fortune through being an innovative property developer, acquired the Alabama based nuclear power station at an auction on November 14th.
Mr.Haney, has built himself quite the reputation on the journey to attaining his fortune, he’s established a status for ‘innovative financing’ and ‘imaginative acquisitions’, of which the ‘imaginative’ and ‘innovative’ are certainly justified in his latest purchase. However, his initial investment of $111 million is just the start of his spending intentions for this project.
After attaining a number of interested parties from the beginning, the day of the auction only actually saw 2 interested parties battling it out. Jackson Holdings of Alabama LLC, were the competition faced and made a serious challenge of it, bidding up to but no higher than $110 million.
The 75-year-old has vowed to rejuvenate numerous communities in Tennessee and Alabama, pledging that the completion of the plant will create in excess of 4’000 jobs, whilst operating the plant will create 2’000 permanent and highly-paid jobs.
Along with the incomplete 2.6GW power station, which has for years been ransacked for spare parts, Haney will get 1,400 acres of property on the Guntersville Reservoir. To hold him to his promises regarding the site, the seller, state utility Tennessee Valley Authority (TVA), stipulated that Haney must invest at least $25m on the property within five years of closing the deal, and he has two years to close the deal. It contains two partially built Babcock & Wilcox pressurised water reactors. When TVA halted construction in 1988, reactor 1 was approximately 90% compete, and reactor 2 was approximately 58% complete. But after years of removing assets from the units, and following subsequent inspections, the reactors were deemed 55% and 35% complete, respectively, in 2009.