Firm with plans for Utah nuclear plant buys Grand Junction company
The company working to build a nuclear generating station in Green River, Utah, purchased a Grand Junction company to begin its preparation for construction.
Willow Creek Companies, 743 Horizon Court, now is working in the construction, replacement and repair of natural gas pipelines, crude-oil pipelines, storage facilities and civil-site work in Colorado, Utah, Wyoming, North Dakota and New Mexico.
With Blue Castle Holdings Inc., Willow Creek will provide early-stage, civil-construction services for development of the nuclear site, as well as expand to the construction of high-voltage transmission and substation facilities.
The acquisition of Willow Creek is “a good strategic fit,” Blue Castle President and Chief Executive Officer Aaron Tilton said.
Willow Creek’s ability to innovate and improve pipeline-construction practices demonstrates the company has the potential for continuing growth, Tilton said.
“Those capabilities will be used to meet the new demand for natural gas and oil pipelines, as well as to directly support the development of our new nuclear site infrastructure,” Tilton said.
The acquisition by Blue Castle Holdings offers the “best of both worlds,” Willow Creek President Russ Fowles said.
The company has strong growth in the natural gas industry and can look to longer-term, stable revenues associated with a nuclear power project, Fowles said.
The acquisition of Willow Creek is of strategic importance for the Blue Castle nuclear-project-site development, providing a broader economic and business infrastructure base for the proposed nuclear project, the company said in a statement.
It noted anticipated cash flow of the consolidated companies will provide enough working capital to complete the licensing process for the Blue Castle project before the Nuclear Regulatory Commission.
It’s estimated that licensing the nuclear site, which is expected to serve markets in the southwest United States, will cost approximately $100 million over the next five years.
The Blue Castle Project is on the commission’s list of expected new nuclear power plant licensing applications.