U.S. Department of Energy Secretary Chris Wright made the disbursement announcement Wednesday, releasing $46,709,358 from a total $1.52 billion loan guarantee to Holtec International. The federal loan with the Loan Programs Office closed in September and Palisades received its second round of funding in March.
Holtec International acquired the 800-megawatt Palisades plant in Covert in 2022, with initial plans to dismantle it.
But those plans changed.
Palisades is now on track to be the first commercial nuclear power plant in the U.S. to reopen after a previous shutdown. Two electric cooperatives have confirmed plans to buy electricity from the plant.
New fuel is expected to be delivered in late July or early August, the company said in an April 7 announcement.
“The Palisades restart remains on track, with the project progressing seamlessly on schedule and on budget,” the company said. “Recent milestones achieved in operations, workforce development, regulatory approvals, and site preparations give credence to our mission to re-power the plant on the established schedule.”
Source: CBS
