A coal investor has offered to purchase a Tennessee Valley Authority plant in Kentucky that's slated for closure next year.
The TVA board voted last month to close the coal-fired Paradise Fossil Plant in Muhlenberg County, Kentucky, rejecting pleas from President Donald Trump and U.S. Senate Majority Leader Mitch McConnell to keep it open.
The Chattanooga Times Free Press cites a March 6 letter written by Samuel S. Francis, who manages Kentucky Emerald Land Company. The letter offers $129 million for the plant if TVA agrees to buy the plant's power at competitive prices.
TVA spokesman Jim Hopson says the utility is reviewing the proposal. TVA President Bill Johnson told the paper "the devil is in the details."