COVERT, Mich. — In a first-of-its-kind effort, the U.S. will try to restart Palisades nuclear power plant.
Holtect, owner of the Covert facility, is eligible for a $1.52 billion loan to help make that happen.
The U.S. Departments of Energy and Agriculture announced the Biden-Harris-backed effort Monday.
The hope is to generate carbon pollution-free energy, as well as save and expand a union workforce in Michigan.
"This loan is more than a financial transaction. It's a signal of confidence in the vital role that nuclear energy will play in securing a clean, sustainable and reliable energy future for Michigan," said CEO & Founder of Holtec International Dr. Kris Singh.
The plant shut down in May of 2022 after 50 years of generating power.
If all goes as planned, the plant will be brought back online and upgraded to produce clean baseload power until at least 2051.
The U.S. Nuclear Regulatory Commission has issued new guidance to ensure the restart is performed safely and to high standards.
It is expected to create or retain up to 600 jobs in Michigan.
"Along with funding that we've received from the state of Michigan, and that's been committed by Holtec, this really puts us ahead to see that the plan is back online by late next year," said Nick Culp, Holtec's senior manager of Government Affairs.
The Palisades plant is on schedule to start generating power in the fourth quarter of 2025.
Some people living near the plant have voiced concerns about the speed and safety surrounding the reopening of Palisades.
There's another public hearing scheduled over the plant restart Tuesday. It's virtual and starts at 6 p.m. You can register for it here.
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