COVERT, Mich. - A nuclear powerplant located only five miles south of South Haven, Michigan is receiving a $1.5 billion loan from the federal government to restart production.

The Biden administration announced on Wednesday, March 27 they agree to provide a $1.52 billion loan to help Holtec International restart the Palisades nuclear plant in an initiative to revive the nation's reactors.

The loan will not only revive the nuclear powerplant but will keep it running until at least 2051.

The 800 megawatt plant, which ceased operations in May 2022, was acquired by Holtec International in 2022 with plans to dismantle it. But now the emphasis is on restarting it by late 2025, following support from the State of Michigan and the Biden administration.

Governor Gretchen Whitmer said it would be the first nuclear power plant to be reopened in the U.S.

U.S. Energy Secretary and former Michigan Governor Jennifer Granholm says nuclear power is the single largest source of carbon-free electricity, directly supporting 100,000 jobs across the country and hundreds of thousands more indirectly.

Holtec spokesman Patrick O'Brien said it will take four to five months to finalize the financial deal with the government.

A coalition opposed to restarting what it derisively calls a, “zombie reactor,” has requested a hearing at the Nuclear Regulatory Commission.