COVERT TOWNSHIP, Mich. – The federal government is offering a $1.5 billion loan to restart a nuclear power plant in Southwest Michigan.
The U.S. Department of Energy’s (DOE) decision issues a conditional commitment for an up to $1.52 billion loan to restart the Palisades Nuclear Power Plant in Covert Township. If Palisades is restarted, it would be the first successfully restarted nuclear power plant in U.S. history.
The Palisades plant shut down on May 20, 2022. It was sold to Holtec in June 2022. Palisades was a union plant that employed 600 workers and produced more than 800 megawatts of power, which could create power for 800,000 homes.
“Palisades will become the first successfully restarted nuclear power plant in American history, protecting 600 union jobs at the plant, 1,100 in the community, and access to clean, reliable power for 800,000 homes. We will lead and build the future here in Michigan with our 100% clean energy by 2040 standard, the strongest clean energy labor standards in the nation, and tools to build more renewable energy faster,” Michigan Gov. Gretchen Whitmer said.
The conditional commitment for the loan comes through the Loan Programs Office to Holtec to restart the plant.