The loan, made through the Energy Department’s Loan Program’s Office with Inflation Reduction Act funds, will allow Holtec to restart the Palisades Nuclear Plant in Covert Township. The restoration, if approved by the Nuclear Regulatory Commission, would be the first instance of the U.S. recommissioning a shuttered nuclear plant.
The plant operated from around 1977 through 2022 and was acquired by a Louisiana-based utility in 2007. When brought back online, the Energy Department projects the 800-megawatt Palisades plant will produce power through at least 2051. The state Legislature has also allocated $150 million to recommission the facility. The administration and the state of Michigan have set a target of a late 2025 restart.
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