The Department of Energy released a $155.9 million sixth loan disbursement to Holtec International for the Palisades nuclear restart in Michigan, the largest single tranche to date, bringing total draws to $491 million against a $1.52 billion loan guarantee. The NRC has issued its final environmental assessment for the restart with a finding of no significant impact. Grid synchronization is targeted for early 2026.
Palisades is the first attempt anywhere in the world to restart a permanently retired nuclear power plant. The 800 MWe facility in Covert Township shut down in May 2022 after Entergy determined it was uneconomic. Holtec acquired it with the specific intent to restart, a plan that was initially viewed skeptically but has since attracted $3 billion in combined federal and state funding including the DOE guarantee, Michigan state contributions, and additional federal support.
The Palisades restart is one of two major nuclear restart programs underway in the US, alongside Constellation’s Crane Clean Energy Center (the former Three Mile Island Unit 1). The fact that both are advancing simultaneously, with concrete loan disbursements and licensing progress, represents a shift from the prior decade’s operating assumption that retired nuclear assets were permanently offline. For investors, the relevant question is whether the restart capital model scales: if Palisades and Crane both reach commercial operation, the pipeline of idled US nuclear assets becomes a viable M&A category.