COVERT, Mich. — On Monday afternoon, the U.S. Department of Energy announced a $1.5 billion loan guarantee to help Holtec get the reactors back online.

“Plants like this are making a comeback, bringing jobs and economic growth to areas that need it so much,” said Ali Zaida, assistant to the president and national climate adviser at the White House.

Federal and local leaders gathered at the plant to announce the investment.

The loan is part of the Biden administration’s “Investing in America” ​​program that aims to create clean energy, jobs and fight climate change across the country.

“We in the Biden Harris administration are studying various clean energy policies, so nuclear is an important part of the mix,” said David Turk, U.S. deputy secretary of energy. .

A Holtec representative said there is still a long way to go before the 50-year-old Palisades reactor can be restarted, something that has never been done before, but they are still in the on time and under budget to be returned to service before completion. of 2025.

“So now the real work continues. We’re doing inspections, we’re doing maintenance activities, and we have about 500 people on site and hundreds of contractors, and it’s going to be a very busy place,” said Nick Culp, senior director of government affairs and communications at Holtec .

NRC will make the final decision on if and when the plant will be ready to start pumping power.

Two power companies will also receive $1.3 billion to help lower the cost of electricity for customers.