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 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.

Once complete, this project will be the first recommissioning of a retired nuclear power plant in U.S. history.