The power plant is located on 20 acres along the St Clair River.

The facility was operational from 1922 to 2011 when it was decommissioned.

"DTE Energy has worked diligently to ensure that the sale of this important property is in the city of Marysville's best interest for future development,” DTE vice chairman Dave Meador said.

CDC expects the site to be suitable for development within the next 18 months.

"In the days ahead we will be meeting with city officials, the community and other stakeholders in order to develop a vibrant road map concerning the future of the site,” CDC CEO Randall Jostes said.

Neither company specified the financial terms of the sale.