WASHINGTON, D.C – As part of President Biden’s Investing in America agenda, the Biden-Harris Administration, through the U.S. Department of Energy (DOE) and U.S. Department of Agriculture (USDA), today announced more than $2.8 billion to support reliable, affordable, and clean power in the Midwest. DOE, through its Loan Programs Office (LPO), announced the closing of a loan guarantee of up to $1.52 billion under the Inflation Reduction Act’s Energy Infrastructure Reinvestment (EIR) program to Holtec Palisades to help finance the restoration and resumption of service of an 800-MW nuclear generating station in Covert Township, Michigan. This represents a first of a kind effort by DOE to restart an American nuclear power plant—generating carbon pollution-free energy and saving and expanding a union workforce in Michigan while helping strengthen America’s nuclear energy sector and advance core climate and domestic energy goals. The USDA also announced more than $1.3 billion in Empowering Rural America (New ERA) program awards for two rural electric cooperatives––Wolverine Power Cooperative and Hoosier Energy––to reduce the cost of electricity passed on to their members for clean power from Holtec Palisades and other clean energy sources. These awards reinforce the Administration’s approach to achieving widespread deployment of advanced nuclear as described in the updated Pathways to Commercial Liftoff: Advanced Nuclear report, also just announced by DOE, as well as supporting a more prosperous future for rural communities by accelerating the transition to clean energy, keeping monthly bills low for American families, and investing in a strong rural workforce.
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