COVERT TOWNSHIP, Mich. (WOOD) — The company working to restart Palisades Nuclear Power Plant near South Haven says it has found a buyer for the electricity it will generate.

Holtec International says Wolverine Power Cooperative has agreed to buy two-thirds of the power generated by Palisades. Hoosier Energy, a partner of Wolverine, will buy the rest.

“We are thrilled to enter into this partnership,” Holtec Nuclear Generation and Decommissioning President Kelly Trice said in a Tuesday statement. “The executed power purchase agreement represents a significant milestone in our journey towards reopening the plant, a historic moment for Michigan and the country.”

Wolverine is a not-for-profit power generation cooperative that provides power to rural areas in Michigan’s lower peninsula, Holtec explained in a release. Hoosier is a rural electric cooperative nonprofit.

“Ensuring reliable and affordable electricity in Michigan is crucial,” Wolverine CEO Eric Baker said in a statement. “The restart of Palisades offers a practical, long-term solution to electric reliability in our state and aligns with Michigan’s ambitious goals to reduce carbon emissions.”

Palisades shut down in May 2022 for decommissioning. Holtec bought it and soon pitched the idea of a restart. Michigan’s budget for the upcoming fiscal years, which starts Oct. 1, includes $150 million to make it happen. Holtec says that Palisades “is now on track to become the first successfully restarted nuclear power plant in the United States.”

Holtec says restarting Palisades will provide energy to Michigan, create hundreds of high-paying jobs and create tax revenue.