US Closes $1.52 Billion Loan to Resurrect Michigan Nuclear Plant

POWER PLANT PROJECT - WASHINGTON. The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant, which is longer than the company predicted.

President Joe Biden's administration has called for a tripling of U.S. nuclear power capacity as U.S. power demand surges and worries about climate change mount.