US DOE provides $1.5 billion loan to reopen Palisades nuclear power plant

• 24 days ago (2024-10-01)
• David Flin

North America 1017 Nuclear 658

---

The US Department of Energy (DOE) has announced closure of a loan guarantee of up to $1.52 billion to Holtec Palisades to help finance the reopening of the 800 MW Palisades nuclear power plant in Michigan, USA.

This is the first project to receive a loan through the DOE’s Energy Infrastructure Reinvestment (EIR) programme. With support from the State of Michigan and Holtec, as well as a long-term PPA in place, Palisades is scheduled to be operational again by Q4 2025.

In addition to the main 800 MW reactor, Holtec will use the Palisades site as the location for its first two SMRs, using Holtec’s SMR-300, potentially adding an extra 800 MW of generation capacity at the site.

Kris Singh, Founder and SEO of Holtec International , said: “This loan funding is not only a critical financial milestone but also a bellwether for the vital role that nuclear energy will play in securing our clean energy future. The repowering of Palisades is a testament to our dedication to revitalising the nuclear industry and ensuring a sustainable, carbon-free energy source for generations to come.”