The Palisades nuclear power station in the US state of Michigan is in “superb material condition” and on track to become the first successfully restarted commercial nuclear power plant in the US following the announcement on Wednesday of a $1.52bn (€1.41bn) loan guarantee, owner Holtec said.

The Biden administration announced that it had agreed to provide the loan guarantee to help a company restart the single-unit Palisades – the latest step in the government’s effort to revive the nation’s reactors.

The project aims to bring the station’s single reactor unit back into commercial operation by the end of 2025 and keep it operating until at least 2051.

Energy secretary Jennifer Granholm announced the funding to employees at the station, saying: “By our estimates, to reach our net-zero goals by 2050 we need to triple, at least, our nuclear energy supply. This is a big win for America, a big win for the nation.”