US Announces $1.5 Billion Loan to Restart Michigan Nuclear Plant

The Biden administration announced Wednesday a conditional loan commitment of up to $1.52 billion for a loan guarantee to help restart a shuttered nuclear plant in Michigan, a significant move to keep reactors running as a major source of zero-carbon power and high-paying jobs.

The US Energy Department’s Loan Programs Office is issuing a conditional commitment for a loan guarantee to Holtec International Corp. to finance the restoration and resumption of service of the Palisades Nuclear Generating Station, an 800-megawatt plant that ceased operations in May 2022. If completed, the Palisades plant would be the ...