DOE LPO finalizes $1.52B loan guarantee to support restart of Palisades nuclear generating station
03 October 2024
The US Department of Energy (DOE), through its Loan Programs Office (LPO), has closed a loan guarantee of up to $1.52 billion under the Inflation Reduction Act’s Energy Infrastructure Reinvestment (EIR) program to Holtec Palisades to help finance the restoration and resumption of service of an 800-MW nuclear generating station in Covert Township, Michigan.
This represents a first-of-a-kind effort by DOE to restart an American nuclear power plant—generating carbon pollution-free energy and saving and expanding a union workforce in Michigan while helping strengthen America’s nuclear energy sector and advance core climate and domestic energy goals.
The USDA also announced more than $1.3 billion in Empowering Rural America (New ERA) program awards for two rural electric cooperatives—Wolverine Power Cooperative and Hoosier Energy—to reduce the cost of electricity passed on to their members for clean power from Holtec Palisades and other clean energy sources.
Nuclear power is America’s largest source of carbon-free of electricity, supporting hundreds of thousands of direct and indirect jobs across the country and will play a critical role in tackling the climate crisis and protecting public health and the environment from its impacts.
—US Secretary of Energy Jennifer M. Granholm