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Entergy closes sale of retired nuclear plant to NorthStar

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Entergy closes sale of retired nuclear plant to NorthStar

Entergy Corp. has completed the sale of the Vermont Yankee nuclear facility to subsidiaries of Northstar Group Services Inc., which will decommission the power station site.

Under the transaction first announced in November 2016, NorthStar subsidiary NorthStar Vermont Yankee will own the nuclear plant, site property, spent nuclear fuel stored onsite and more than $500 million of dedicated trust funds for decommissioning and site restoration.

The Vermont Yankee nuclear facility is a single unit boiling water reactor in Vernon, Vt., which started commercial operation in 1972 and permanently ceased operations in December 2014. Entergy acquired the plant from Vermont Yankee Nuclear Power Corp. in 2002.

The sale of the facility to NorthStar is in line with Entergy's strategy to exit from the merchant nuclear energy business.

In October 2018, the U.S. Nuclear Regulatory Commission cleared the transfer of Vermont Yankee's license from Entergy subsidiaries Entergy Nuclear Operations Inc. and Entergy Nuclear Vermont Yankee LLC to NorthStar.

The Vermont Public Utility Commission, in December 2018, approved the sale of the facility.