The U.S. Department of Energy announced the loan with the owners of the Palisades Nuclear Power Plant, which is based in Covert, Michigan, just south of South Haven along the shore of the Great Lakes. Another $1.3 billion will help keep energy costs low for the 800,000 homes that will receive power from the facility.

The Palisades nuclear plant in Michigan has closed a $1.5 billion loan to support the first reactor restart in U.S. history, the Department of Energy announced Monday.

No one has ever restarted an American nuclear reactor that was seemingly closed for good. But with electricity demand spiking, interest is growing.

The Biden administration said on Monday that a final deal had been made to give an energy company a $1.52 billion loan guarantee to bring a Michigan nuclear power plant back to life.

The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant,

The Palisades nuclear power plant in Michigan is set to restart with a $1.52 billion federal loan, aiming to enhance the local power grid and job market.

The Energy Department on Monday announced it has finalized a $1.5 billion loan to restart a shuttered Michigan nuclear power plant. The loan guarantee will restart the Holtec Palisades nuclear plant in Covert Township,

Once complete, this project will be the first recommissioning of a retired nuclear power plant in U.S. history.

The Biden administration has finalized a loan to help reopen the Palisades nuclear power plant in Michigan, which is anticipated to become the first-ever decommissioned plant to come back online in the United States.