Entergy Corp and CMS Energy subsidiary Consumers Energy have reached an agreement for Entergy to purchase the 798 MW Palisades Nuclear Plant near South Haven, Michigan in the US, for $380 million.

The acquisition price represents $242 million for the plant itself, $83 million in nuclear fuel based on current market prices, and $55 million in related assets. The sale also includes the Big Rock Point Independent Spent Fuel Storage Installation and compensates Entergy for accepting this responsibility.

As part of the purchase, Entergy is to sell all of the plant’s output back to Consumers Energy for 15 years.