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.

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

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,

For years, the company operating a nuclear power plant on the shores of Lake Michigan has sought to slash its tax bill, but the case is now settled.

The U.S. closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant, and an official said it could take two years to reopen the plant.

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.