The U.S. Department of Energy released the third loan disbursement to Holtec International for the reopening of the Palisades Nuclear Power Plant this week.
U.S. Department of Energy Secretary Chris Wright announced the disbursement of $46,709,358 of the up to $1.52 billion loan guarantee to get the plant back online. Holtec’s Nick Culp tells us the company welcomes the announcement as the move forward with the restart process.
“Another positive milestone for our restart efforts,” Culp says. “And really the disbursement is just a validation of the importance of the restart.”
The Palisades plant, if brought back online after NRC licensing approvals, will provide 800MW of affordable, reliable baseload power in Michigan when completed.
“This isn’t only good for Michigan in terms of bringing electricity back on our grid and creating good-paying Michigan jobs,” Culp says. “It’s about the nation’s larger energy strategy to show the world that we are a leader in nuclear energy and to also ensure our own energy security here in the United States.”
This is the third disbursement of funds from the Loan Programs Office since the announcement of its financial loan close in September 2024.
