WASHINGTON—U.S. Department of Energy (DOE) Secretary Chris Wright announced the release of the sixth loan disbursement to Holtec to help fund the restart of the Palisades Nuclear Plant. Today’s action disburses $155,944,659 of the up to $1.52 billion loan guarantee to Holtec for Palisades, which will be America’s first restart of a commercial nuclear reactor in decommissioning, subject to U.S. Nuclear Regulatory Commission (NRC) approvals. Once complete, the plant will generate 800 MW of affordable and reliable baseload power, helping to increase grid reliability in Michigan.
“Under President Trump’s bold leadership, the United States is taking unprecedented steps to bring about the next American nuclear renaissance,” said Secretary Chris Wright. “With projects like the Palisades Nuclear Plant, the Department of Energy is committed to lowering energy costs and increasing domestic energy production, delivering reliable, affordable and secure energy to the American people.”
This marks Holtec’s sixth disbursement of funds from the Loan Programs Office (LPO) since the September 2024 announcement of the loan’s financial close. To date, $491,056,853 of DOE-guaranteed loan funds have been disbursed to Holtec as it continues to make progress toward plant restart, including the NRC’s issuance of the final environmental assessment and finding of no significant impact, and the NRC’s approval of a series of licensing and regulatory actions to transition the Palisades Nuclear Plant from decommissioning status back to operations.
Today’s announcement reinforces the Energy Department’s leading role in advancing President Trump’s Executive Order 14302, Reinvigorating the Nuclear Industrial Base, through funding the restart of nuclear plants. DOE remains committed to use all tools at its disposal, including the LPO, to support projects that advance baseload energy sources, strengthen the grid, and lower costs for the American people.
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