Trump backs $1.52 billion loan for Michigan nuclear plant
**Trump Administration Approves $1.52 Billion Loan for Palisades Nuclear Restart** The Trump administration has announced a second loan disbursement of $56.8 million to Holtec International. This funding is part of a larger loan guarantee of up to $1.52 billion aimed at restarting the Palisades Nuclear Plant in Michigan. This facility, which can generate 800 megawatts of power, was closed in May 2022. The loan guarantee was initially set up under the Biden administration but is now moving forward under Trump’s leadership. The Department of Energy finalized the guarantee in September 2024 as part of efforts to support clean energy projects. Holtec purchased the Palisades plant in June 2022 and aims to have it operational again by the end of 2025. The facility could provide power until at least 2051, pending approval from the Nuclear Regulatory Commission. Energy Secretary Chris Wright stated that boosting nuclear energy is part of America's energy strategy. "This is another step towards increasing domestic energy production and lowering costs for the American people," he said. The Trump administration's approval of the loan is significant, especially as it aims to review federal funding established by the previous administration. In total, the Biden administration finalized 53 loan deals that supported various energy-related projects before Trump took office. Holtec plans to support around 600 jobs in Michigan through this project, which is still in the preparation stage. The company is currently conducting inspections and maintenance to meet its target for a 2025 restart. Additionally, Holtec has plans to expand the Palisades site with two small modular reactors (SMR-300s). These reactors are designed for safe operations and will be located underground, reducing risks associated with traditional reactors. The initiative, called "Mission 2030," aims to build a fleet of such reactors across North America in partnership with Hyundai Engineering & Construction. Holtec has received support from local leaders and is advancing preparations for the SMR project. They are expected to begin formal construction permitting in early 2026.