The U.S. Department of Energy released a second loan disbursement of $56,787,300 to Holtec International on March 17, 2025, for the restart of the Palisades Nuclear Plant in Michigan. Energy Secretary Chris Wright announced the disbursement, which draws from an up to $1.52 billion loan guarantee. The funds are directed toward plant restart activities and ensuring compliance with U.S. Nuclear Regulatory Commission requirements. This is Holtec’s second disbursement from the DOE Loan Programs Office since the financial loan close was announced in September 2024.
What it means
The Palisades restart is projected to return 800 MW of baseload nuclear power to Michigan’s grid, which DOE describes as affordable, reliable and secure. The project is projected to support or retain up to 600 jobs at the plant, many held by workers who had previously been at the facility for over 20 years. The restart remains subject to NRC licensing approvals. DOE characterizes the Palisades project as the first restart of a commercial nuclear reactor in the United States that had ceased operations. Secretary Wright said the action advances President Trump’s commitment to increase domestic energy production, bolster security and lower costs for the American people.
Key facts
- Disbursement date: March 17, 2025
- Second disbursement amount: $56,787,300
- Total loan guarantee: up to $1.52 billion
- Plant capacity: 800 MW baseload power
- Jobs supported or retained: up to 600 in Michigan (according to the company and DOE)
- Many workers previously at the plant for over 20 years
- Financial loan close announced: September 2024
- Restart subject to NRC licensing approvals
Source: U.S. Department of Energy news release (energy.gov)