The U.S. closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant, and an official said it could take two years to reopen the plant.

The U.S. Department of Energy announced the loan with the owners of the Palisades Nuclear Power Plant, which is based in Covert, Michigan, just south of South Haven along the shore of the Great Lakes. Another $1.3 billion will help keep energy costs low for the 800,000 homes that will receive power from the facility.

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.