Palisades nuclear power plant in Michigan to reopen with $1.52 billion loan from federal government

article

COVERT TOWNSHIP, Mich. (FOX 2) - A nuclear power plant located in southwest Michigan that was shuttered two years ago will come back online with the help of a $1.5 billion loan from the federal government.

The Holtec Palisades plant, based in Covert Township along Lake Michigan, will resume operations thanks to a conditional loan from the U.S. Department of Energy that's intended to restore service to the facility.

Palisades generates 800 megawatts - which can power around 800,000 homes.

The nuclear plant supports some 600 jobs, the Michigan governor said in a statement.

"Once open, Palisades will be the first successfully restarted nuclear power plant in American history, driving $363 million of regional economic impact and helping Michigan lead the future of clean energy," Gov. Gretchen Whitmer said. "I am so grateful to my bipartisan partners in the Michigan Legislature, the Biden-Harris Administration, Holtec, and labor for coming together to get this done. Together, we are showing the world that Michigan is a place where history is made by hardworking people."

The announcement was made in conjunction with U.S. Energy Sec. Jennifer Granholm's visit to the state. On Tuesday, Granholm touted a new electric vehicle jobs training program offered through the Biden administration.

In hailing the reopening, the president's cabinet sold Palisades as helping prevent millions of carbon emissions from entering the atmosphere.

Palisdades is the first project offered a conditional loan through the Energy Infrastructure Reinvestment.