The Biden administration is set to loan $1.5B to restart the closed Palisades nuclear power plant in Michigan, Bloomberg reported Tuesday, opening the way for a shuttered reactor to reopen in the U.S. for the first time.
The funding will be offered as soon as next month to closely held Holtec International to restart the plant, according to the report.
Holtec acquired the 800 MW plant in 2022 after Entergy closed it due to financial reasons, but quickly began advocating a restart.
The funding would be backed by a loan guarantee program designed to revitalize old energy plants that was created in the Inflation Reduction Act climate law; if successful, Palisades would be the first nuclear reactor financed by the Biden administration.
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