The Department of Energy has released its fifth loan reimbursement valued at $83.2 million to Holtec to support for the company’s restart efforts at the Palisades nuclear plant in Michigan.
The fifth loan installment comes a bit over a month after the fourth loan guarantee, which was worth around $100 million. According to DOE’s Thursday press release, the agency has distributed about $335 million to fund the Palisades efforts.
The loan guarantee from DOE’s Loan Program Office was announced in September 2024, under the Joe Biden administration.
“Thanks to President Trump, the Department of Energy is working in tandem with our regulatory partners to accelerate the reopening of the Palisades Nuclear Plant and unleash a true American nuclear renaissance,” Wright said in the press release.
Palisades, an 800-megawatt plant located in Covert Township, Mich. is nearing restart after the Nuclear Regulatory Commission (NRC) approved a slew of licensing actions for it last month.
Only a handful of licensing actions remain before Palisades can be licensed to operate. According to the NRC website, the plant is expected to be fully licensed by the end of next month.
The Palisades nuclear plant was previously operated by Entergy and shut down in 2022. Holtec bought the plant from Entergy with the intention of decommissioning it but later changed its plans.
Subject to NRC approval, Palisades will be the first U.S. commercial nuclear reactor in decommissioning to restart its operations, DOE said.