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The U.S. Department of Energy on Wednesday said it will loan $1.52 billion to Holtec International to help the energy-technology company restart the Palisades Nuclear Plant in Michigan.
The 800-megawatt power plant had ceased operations in May 2022.
“Nuclear power is our single largest source of carbon free electricity, directly supporting 100,000 jobs across the country and hundreds of thousands more indirectly,” said U.S. Secretary of Energy Jennifer M. Granholm said in a statement.
The Biden administration this year agreed to $1.1 billion in financing for PG&E’s (NYSE:PCG) Diablo Canyon nuclear power plant in California.
