Bringing a retired nuclear power plant back to life for the first time in American history! Today, LPO and the U.S. Department of Energy (DOE) announced the closing of a $1.52 billion loan guarantee to Holtec Palisades to help finance the restoration and resumption of service of an 800-MW nuclear generating station in Covert Township, Michigan.
This project represents a first-of-a-kind effort by DOE to restart an American nuclear power plant and is also the first financial close of a project financed via LPO’s Energy Infrastructure Reinvestment (EIR) program. (See: https://lnkd.in/gWi8EQA9)
The Palisades Nuclear Plant, which ceased operations in May 2022, will be brought back online and upgraded to produce clean baseload power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. The NRC also issued new guidance to ensure the restart is performed safely and to high standards. Once complete, this project will be the first recommissioning of a retired nuclear power plant in U.S. historyโunderscoring President Biden and Vice President Harrisโ deep commitment to retaining and creating clean power jobs and advancing the U.S. nuclear industry while tackling the climate crisis and helping to achieve our domestic greenhouse gas reduction goals.
This project also works toward the widespread deployment of advanced nuclear energy as described in the new update to the DOE Pathways to Commercial Liftoff Advanced Nuclear report (https://lnkd.in/gwuSPwWt), also announced today with a webinar this Friday, October 4th: https://lnkd.in/gKZ-pxtt
Read the full DOE announcement here: https://lnkd.in/gWi8EQA9 and see LPO’s Holtec Palisades project page for more details: https://lnkd.in/gXMFQ6TN
LEARN MORE:
โข LPO’s Holtec Palisades Project Page: https://lnkd.in/gXMFQ6TN
โข LPO Energy Infrastructure Reinvestment (EIR) Program: Energy.gov/LPO/EIR
โข LPO Title 17 Clean Energy Financing: https://lnkd.in/gN2jDVbw
โข DOE Pathways to Commercial Liftoff Advanced Nuclear Energy Updated Report: https://lnkd.in/gbnik7Uz
โข The Biden-Harris Administration “Investing in America” Agenda: WhiteHouse.gov/Invest
โข Read about other recent project announcements on LPO’s blog: https://lnkd.in/g23s_Uk4
โข Explore LPO’s full portfolio of projects: Energy.gov/LPO/Projects
hashtag#DOELPO hashtag#FinancingAmericanEnergy hashtag#BridgeToBankability hashtag#DeployDeployDeploy hashtag#Liftoff hashtag#OpenForBusiness hashtag#BuiltInAmerica hashtag#FinancingInnovation hashtag#FinancingImpact hashtag#FinancingClimateSolutions hashtag#FinancingAdvancedNuclear hashtag#FinancingNuclearEnergy hashtag#EIR hashtag#InvestingInAmerica hashtag#LPONews hashtag#FinancialClose
