U.S. Department of Energy Announces $1.52 Billion Loan Guarantee for Palisades Nuclear Plant Restoration

The U.S. Department of Energy’s Loan Programs Office (LPO) has announced a conditional commitment of up to $1.52 billion for a loan guarantee to Holtec Palisades, LLC to finance the restoration and resumption of service of an 800-MW electric nuclear generating station in Covert Township, Michigan. The project aims to bring back online the Palisades Nuclear Plant, which ceased operations in May 2022, and upgrade it to produce baseload clean power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. The project also highlights President Biden’s Investing in America agenda to support good-paying, high-quality job opportunities in communities across the country while also expanding access to affordable clean energy resources.