United States approves $1.52B loan to restart Michigan's Palisades nuclear plant

Sept. 30 (UPI) -- 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.

Holtec International agreed to refurbish and restart the Palisades nuclear plant in Covert Township, near the shores of Lake Michigan about 15 miles north of Benton Harbor by October 2025. Once it starts, two rural providers said they are ready to draw power from it.

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