The U.S. Department of Energy said on Monday it has disbursed $57 million of an up to $1.52 billion loan guarantee for Holtec’s Palisades nuclear plant in Michigan, which the company hopes will be the first U.S. commercial reactor to restart after ceasing operations.
The conditional loan guarantee was part of an effort by the administration of former President Joe Biden to support nuclear energy, which generates virtually emissions-free power, to curb climate change and to help satisfy rising electricity demand from artificial intelligence, electric vehicles and digital currency.
The department’s first disbursement on the loan guarantee, about $38 million, occurred in January after its Loan Programs Office closed the financing last year.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
