Under the agreement, NorthStar wants to buy the site from Entergy and promises to begin decommissioning decades sooner than previously anticipated.
A memorandum of understanding filed by Entergy Crop. and NorthStar calls for millions of dollars of additional financial assurances. NorthStar, meanwhile, would commit to initiating decontamination and dismantlement by 2021.
State and federal energy regulators must sign off on the proposal.
NorthStar, based in New York, is a dismantling and remediation company and is partnering through a unit with Areva, Waste Control Specialists and Burns & McDonnell to perform specialized services drawing on each company's core competencies.
Entergy submitted a request to sell the nuclear power plant, which shut down in December 2014, to demolition company NorthStar. The company plans to demolish the reactor and restore the site for other uses.
The NorthStar team members have collectively worked on more than 300 nuclear and non-nuclear power plant projects over the past 15 years and bring deep expertise in complex and specialized tasks such as reactor vessel segmentation, waste packaging/transportation/disposal, environmental remediation, site closure and spent fuel management.