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US-based energy technology company Holtec International is reportedly poised to secure a conditional loan of $1.5bn from the US Department of Energy (DOE) for restarting the 800MW Palisades nuclear power plant in Michigan, US.
The granting of the loan from the DOE’s Loan Programs Office (LPO) is expected to be announced later this month, reported Reuters, citing an undisclosed source familiar with the matter.
Located along the eastern shore of Lake Michigan in Covert Township, the Palisades nuclear facility is a single unit pressurised water reactor with other associated plant equipment, and related site facilities.
The American nuclear power plant was permanently shut down by Entergy in May 2022. In the following month, Holtec International purchased the Palisades plant in a move to safely and timely decommission the site.
However, in October 2023, Holtec International filed an application with the US Nuclear Regulatory Commission (NRC) to formally begin the process of federal re-authorisation for the restart of operations at the Palisades nuclear plant.
According to the energy technology company, the Palisades facility will become the first successfully restarted nuclear power plant in the US.
The Biden administration’s intent to provide the loan to the company was first reported by Bloomberg.
Holtec International spokesman Nick Culp, has been quoted by Bloomberg, as saying: “This is a historic opportunity for the country and Michigan.
“As we transition away from fossil fuels, nuclear is going to be a critical part of not only reaching our climate goals but doing so in a way that ensures the lights stay on.”
Last month, the DOE finalised the terms for $1.1bn in credit payments for the Diablo Canyon nuclear power plant in California under the Civil Nuclear Credit (CNC) programme by signing the credit award and payment agreement.
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