COVERT TOWNSHIP, Mich. (Michigan News Source) – Palisades power plant in Van Buren County is on the cusp of receiving a $1.5 billion loan from the federal government to restart operations.

Bloomberg reports the funding could be available as soon as next month to Holtec International. It owns the power plant.

MORE NEWS: City of Livonia Looking to Ban Vaping in School Buildings

Palisades shut down in May 2022 for decommissioning. Holtec bought it and soon pitched the idea of a restart. Michigan’s budget for the upcoming fiscal years includes $150 million to make it happen. Gov. Gretchen Whitmer has backed the plant’s reopening.

The Biden administration is focused on climate goals and meeting 100% carbon-free electricity by 2035. Despite Whitmer’s support of the Palisades plant, Michigan is on a similar track for green energy. Holtec says restarting Palisades will provide energy to Michigan and create hundreds of jobs.