The Biden administration announced on Wednesday that it had agreed to provide a $1.52 billion loan guarantee to help a company restart a nuclear power plant in Michigan — the latest step in the government’s effort to revive the nation’s reactors. The loan guarantee is conditional on the facility receiving regulatory approvals and fulfilling other requirements. But many of the country’s nuclear reactors, including the Palisades plant, are at or near the end of their lives and need major upgrades. And few U.S. companies have built new nuclear plants in recent decades because doing so is incredibly expensive and time consuming. Holtec bought the Palisades plant in 2022 in order to close the facility but later campaigned to reopen the plant with the backing of the Michigan governor, Gretchen Whitmer, a Democrat.

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Persons: Holtec, Gretchen Whitmer Organizations: Biden, Energy Department, Holtec, Michigan, Democrat Locations: Michigan, Covert Township, Mich, Lake Michigan, Kalamazoo