WASHINGTON, D.C.: A nuclear power plant in Michigan is hoping to become the first in the U.S. to restart after being permanently shut down.

The U.S. Energy Department said this week that the plant has received about 10 percent of a US$1.52 billion loan approved during former President Joe Biden's administration.

This week, the department gave nearly $47 million of that loan to the Palisades nuclear plant. Holtec Inc., the plant's owner, hopes to reopen it later this year, possibly as early as October.

This was the second loan payment made during President Donald Trump's tenure and the third since the loan was first approved during the Biden administration. So far, over $151 million of the total loan has been given to the project.

Energy Secretary Chris Wright said in a statement that projects like Palisades show that a "nuclear comeback" is on the way in the U.S.

More politicians from both parties now support nuclear power because electricity needs are growing again for the first time in 20 years. Artificial intelligence, cryptocurrency, and electric vehicles are driving this growth.

The energy company Entergy closed the Palisades plant in 2022. It had run for over 50 years but shut down early because of a technical problem, despite a $6 billion government program aimed at saving struggling nuclear plants.

Holtec still needs approval from the Nuclear Regulatory Commission to restart the plant. Right now, it is fixing the plant's steam generators, which weren't properly maintained when it shut down.

The Loan Programs Office (LPO), which provides financing for energy projects, has hundreds of billions of dollars available. A source said the Trump administration will likely focus this funding on nuclear power, critical minerals, power transmission, and geothermal energy.

The LPO has also lost a lot of staff, with about 100 of its 220 employees leaving after the Trump administration offered buyouts.

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