COVERT TOWNSHIP, Mich., Sept. 30, 2024 — The U.S. Department of Energy’s Loan Programs Office announced today the closing of a loan guarantee of up to $1.52 billion to Holtec Palisades to help finance the retired nuclear generating station’s restart under the Inflation Reduction Act’s Energy Infrastructure Reinvestment program. The Michigan Legislature also appropriated a total of $300 million in state funding for the reopening of Palisades in the 2023-24 and 2024-25 fiscal year budgets. This marks the first time in American history that a nuclear power plant will reopen after going offline. In response to the announcement, state Rep. Joey Andrews (D-St. Joseph) issued the following statement:
“Today is truly a historic day for our Southwest Michigan community. The reopening of Palisades will create or retain over 600 good-paying jobs, with more than 1,000 additional jobs during maintenance periods, positioning Michigan as a leader in the clean energy transition. By preventing 4.47 million tons of CO2 emissions annually, this restart will provide clean, reliable energy to families and businesses across the Midwest. I’m grateful for the combined effort of state and federal funds that made this possible, and I look forward to the benefits this transformative investment will bring.”
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