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 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.