U.S. Finalizes $1.5 Billion Loan to Restart Michigan's Palisades Nuclear Plant

The loan marks the first restart of a U.S. nuclear reactor after shutdown, aiming to boost carbon-free energy and local jobs.

The Energy Department has finalized a $1.5 billion loan to revive the Holtec Palisades Nuclear Plant in Covert Township, Michigan.
The plant, which shut down in 2022, is expected to resume operations by October 2025, subject to Nuclear Regulatory Commission approval.
The restart is projected to provide power until at least 2051 and support up to 600 local jobs, with agreements signed with 15 trade unions.
Holtec International plans to inspect, refurbish, and upgrade the plant, with future plans to nearly double its capacity using small modular reactors.
The decision has faced opposition from environmental groups like the Sierra Club, citing concerns over radioactive waste and its proximity to Lake Michigan.