The U.S. Department of Energy released a third loan disbursement of $46,709,358 to Holtec for the restart of the Palisades Nuclear Plant in Michigan, Secretary Chris Wright announced on April 22, 2025. The disbursement is drawn from a loan guarantee of up to $1.52 billion administered by DOE’s Loan Programs Office, which closed financially in September 2024. Palisades is slated to deliver 800 MW of baseload power and, if completed, would be the first commercial nuclear reactor in the United States to restart after ceasing operations.
What it means
The third disbursement continues the drawdown of federal loan financing that Holtec has accessed since the September 2024 financial close. When operational, the Michigan plant would add 800 MW of baseload nuclear capacity to the grid, according to DOE. The restart remains subject to licensing approvals from the U.S. Nuclear Regulatory Commission. Secretary Wright said the project advances “President Trump’s commitment to meet our growing demand for affordable, reliable and secure electricity” and that the Energy Department is working to ensure “America’s nuclear renaissance is just around the corner.”
Key facts
- Third disbursement amount: $46,709,358
- Total DOE loan guarantee to Holtec: up to $1.52 billion
- Loan administered by DOE’s Loan Programs Office (LPO)
- Financial loan close announced: September 2024
- Plant location: Palisades Nuclear Plant, Michigan
- Planned capacity: 800 MW baseload power
- Palisades would be the first restart of a ceased commercial nuclear reactor in the United States
- Restart subject to U.S. Nuclear Regulatory Commission licensing approvals
Source: U.S. Department of Energy Office of the Secretary news release (energy.gov)