The Palisades nuclear power plant in Michigan is set to restart with a $1.52 billion federal loan, aiming to enhance the local power grid and job market.

No one has ever restarted an American nuclear reactor that was seemingly closed for good. But with electricity demand spiking, interest is growing.

The Biden administration said on Monday that a final deal had been made to give an energy company a $1.52 billion loan guarantee to bring a Michigan nuclear power plant back to life.

The restart of the reactor at Palisades would mark a milestone for the nuclear industry after a decadelong wave of reactor shutdowns in the U.S.

The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant,

The Energy Department on Monday announced it has finalized a $1.5 billion loan to restart a shuttered Michigan nuclear power plant. The loan guarantee will restart the Holtec Palisades nuclear plant in Covert Township,

Michigan nuclear plant Palisades closed a $1.5 billion loan to restart its reactor, which is a first in U.S. history.