Nuclear power plant funded
Posted: June 5, 2009 09:06 AM PDT
Eagle, Idaho -- The plan to build a nuclear power plant in Elmore County is one step closer to reality.
Alternate Energy Holdings just announced an agreement with Source Capital Group out of Connecticut to fund $70 million worth of the project.
That money will be used to buy the land, water rights, and pay for the application with the Nuclear Regulatory Commission.
Don Gillespie, president of AEHI says the only thing left is to wait for Elmore County commissioners to make a decision on whether or not to approve a rezone of the property in question.
"That becomes the next big step. If we get that, and we might hear next week, Elmore commissioners are going to discuss it, but if they don't I think it'll be sometime this month they will give us an answer. And I'm still optimistic about that. And with this piece in place and that answer, it looks very positive that this project is going to go forward," said Gillespie.
Building the plant will cost between four or five billion dollars.
Gillespie says, once the land is rezoned for nuclear power, the property value should increase exponentially.
He can then use the equity to secure a loan, and finish the project.