PROJECT SUMMARY
In September 2024, the U.S. Department of Energy (DOE) announced the closing of a $1.52 billion loan to Holtec Palisades, LLC (Holtec Palisades) to help finance the restoration and restart of the 800-megawatt (MW) Palisades Nuclear Plant in Covert Township, Michigan. The plant, which ceased operations in May 2022, will be brought back online and upgraded to produce firm baseload power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. Once complete, the project will mark the first restart of a retired nuclear power plant in U.S. history.
TECHNOLOGY INNOVATION
Once operational, the Palisades Nuclear Plant will provide firm, around-the-clock baseload electricity—a vital addition to Midcontinent Independent System Operator’s (MISO) resource mix. The restart of the plant will take advantage of existing infrastructure and help provide more affordable, reliable, and secure energy for Americans.
ECONOMIC IMPACT
The project is expected to support or retain up to 650 high-quality jobs in Michigan—many held by workers who have been at the plant for more than 20 years. The loan will also support more than 2,000 supplemental workers during the plant’s routine refueling and maintenance outages, which occur every 18 months.
PROJECT STATISTICS
| PROJECT SUMMARY | Owners | Holtec Palisades, LLC |
| Location | Covert Township, Michigan | |
| FINANCIAL SUMMARY | Loan Program | Energy Dominance Financing Program |
| Loan Type | Loan | |
| Loan Amount | $1.52 Billion | |
| Issuance Date | September 2024 | |
| ECONOMIC IMPACT | Permanent U.S. Jobs Supported * | 650 |
| Seasonal U.S. Jobs (Refueling & Maintenance) Supported * | 2,000 |
* Estimated at the time of closing
Project Photos
