The U.S. Department of Energy announced the loan with the owners of the Palisades Nuclear Power Plant, which is based in Covert, Michigan, just south of South Haven along the shore of the Great Lakes. Another $1.3 billion will help keep energy costs low for the 800,000 homes that will receive power from the facility.

The Biden administration said on Monday that a final deal had been made to give an energy company a $1.52 billion loan guarantee to bring a Michigan nuclear power plant back to life.

In a first-of-its-kind effort, the Department of Energy will try to restart a nuclear power plant. The Covert facility owner, Holtect is eligible for a $1.52 Billion loan to help make that happen.

The U.S. closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant, and an official said it could take two years to reopen the plant.

The Palisades nuclear power plant in Michigan is set to restart with a $1.52 billion federal loan, aiming to enhance the local power grid and job market.

The Palisades nuclear plant in Michigan has finalized a $1.5 billion federal loan to support the first reactor restart in U.S. history. What Happened: The plant, owned by Holtec International, aims to restart operations in the fourth quarter of 2025,

Once complete, this project will be the first recommissioning of a retired nuclear power plant in U.S. history.

The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant,

The federal government has announced the approval of a $1.52 billion loan to support the reopening of a nuclear power plant in Van Buren County. (Sept. 30, 2024)

Michigan nuclear plant Palisades closed a $1.5 billion loan to restart its reactor, which is a first in U.S. history.