Federal and Local leaders gather at Palisades for historic announcement

COVERT, Mich. -- Monday afternoon, the US Department of Energy announced a $1.5 billion dollar loan guarantee to help Holtec, get the reactors back up and running.

"Plants like this one are making a comeback and with-it bringing jobs and economic growth to regions that need it so badly,” said Ali Zaida the Assistant to President & White House National Climate Advisor.

Federal and local leaders gathered at the plant to announce the investment.

The loan comes as part of the Biden Administration’s “Investing in America” agenda that aims to create clean energy, jobs, and combat climate change across the country.

“We at the Biden Harris administration look at sorts of clean energy policies so nuclear is an important part of the mix,” said David Turk the United States Deputy Secretary of Energy.

A representative from Holtec said there is still a long way to go before the 50-year-old reactor at Palisades can be restarted, something that’s never been done before, but they are still on schedule and under budget to be back up before the end of 2025.

“So now the real work continues. We’re doing inspections, maintenance activities, and we have about 500 people here on sight and hundreds of contractors, and it’s going to be a very busy place,” said Nick Culp the Senior Manager, Government Affairs and Communications for Holtec.

The NRC will make the final call on if and when the plant is ready to start pumping out energy.

Two power companies are also getting $1.3 billion dollars to help reduce the cost of electricity for costumers.