Palisades Nuclear Plant Secures $1.5 Billion Loan for Restart
The Palisades nuclear plant in Michigan has secured a $1.5 billion loan from the U.S. Department of Energy to support the first reactor restart in American history.
Holtec International, the plant’s owner, aims to bring the facility back online by late 2025, pending approval from the Nuclear Regulatory Commission. This milestone marks a shift in the nuclear industry, which has seen numerous reactor closures over the past decade. The 800-megawatt Palisades plant, which ceased operations in 2022 due to economic challenges, is now poised for a second life.
All necessary funding for the restart has now been secured as per Holtec spokesman Nick Culp. The loan will finance extensive inspections, testing, and equipment replacement at the facility.
READ: Michigan Allots Another $150 Million to Restart Palisades Nuclear Plant
The Palisades restart is expected to create 600 jobs in Covert Township and generate power for 800,000 homes. Wolverine Power Cooperative, a nonprofit serving rural Michigan communities, has committed to purchasing the plant’s output.
Looking ahead, Holtec plans to nearly double Palisades’ capacity in the 2030s by constructing small modular reactors at the site, further cementing the plant’s role in America’s nuclear future.
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