The Biden administration plans to issue a loan guarantee of up to $1.52 billion to restart a shuttered U.S. nuclear plant for the first time — underscoring the growing bipartisan support for the carbon-free energy source.
The Energy Department’s Loan Programs Office announced Wednesday a conditional commitment to developer Holtec Palisades to finance the revival of the shutdown Palisades nuclear plant in Covert Township, Michigan.
The Biden administration is counting on nuclear power to help the U.S. reach its goal of 100 percent clean electricity by 2035 and a net-zero emissions economy by 2050.
The conditional lending is under the office’s new energy infrastructure reinvestment program authorized by the Inflation Reduction Act. It is the first conditional commitment made under the category meant to support the retooling or repowering of energy infrastructure that ceased operations.
