Great news out of DOE Loan Programs Office this week, where we announced a conditional commitment for a $1.52 billion loan guarantee to bring the Palisades Nuclear Plant back on line in Covert Township, Michigan. If finalized, it will raise LPO's total funding committed to nuclear projects to more than $13 billion.
Nuclear projects are incredibly difficult to finance and time consuming to bring across the line. They face the same licensing and capital cost challenges as any other mega infrastructure project, but also demand a specialized and highly trained workforce, a close relationship and buy-in with the local community, public-private partnerships, and often times, close coordination with international trading partners and allies. But it's well worth the hard work, because the payoff is massive.
The Palisades plant will:
⚛ Provide 800MW of carbon free, 24/7 electricity. This kind of firm, low-carbon power is critical to grid stability and decarbonization.
⚛ Support or retain up to 600 high-quality jobs in Michigan– many of them union jobs.
⚛ Avoid 4.47 million tonnes of CO2 emissions per year for a total of 111 million tonnes of CO2 emissions during the projected 25 years of operations—an amount roughly equivalent to the annual emissions of removing more than 970,000 gasoline-powered cars from the road.
Let's put that last statistic into perspective: That's close to the total of every single EV sold in the United States in 2023 alone!
Nuclear is critical for our climate goals, our clean energy transition, our economic and energy security, and for our national security. I'm feeling very fortunate to be a part of an organization that takes on big, important, and difficult projects like this one.
It's been a busy day of milestone announcements for nuclear energy in the United States and LPO, as the Holtec Palisades project represents both the first-ever recommissioning of a shut-down nuclear power plant in the U.S. and the first conditional commitment for financing under the landmark, Inflation Reduction Act (IRA)-created Energy Infrastructure Reinvestment (EIR) program!
Catch up on all the key takeaways here and for more information, check out the links below.
LEARN MORE:
• See the U.S. Department of Energy (DOE) press release about the Holtec Palisades conditional commitment: https://lnkd.in/gpfWjQxc and read LPO's full project announcement: https://lnkd.in/g-VNASzC
• How the Energy Infrastructure Reinvestment (EIR) program can support projects that reinvest in energy infrastructure throughout the United States: Energy.gov/LPO/EIR
• How LPO financing programs can support advanced nuclear energy in the U.S.: https://lnkd.in/g5GShhvJ
• What is a Conditional Commitment and How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ
• Read about other project announcements on LPO's Blog: https://lnkd.in/g23s_Uk4
• President Biden's "Investing in America" Agenda: WhiteHouse.gov/Invest
#DOELPO #FinancingAmericanEnergy #BridgeToBankability #DeployDeployDeploy #Liftoff #OpenForBusiness #BuiltInAmerica #FinancingInnovation #FinancingImpact #FinancingClimateSolutions #FinancingAdvancedNuclear #FinancingNuclearEnergy #FinancingEnergyInfrastructureReinvestment #EIR #InvestingInAmerica #LPONews #ConditionalCommitment
Operations Manager bei Mammoet
1moPretty cool start into the next #NuclearDecommissioning chapter of Kernkraftwerk Unterweser! Looking forward to take the remaining steps soon!