Constellation Energy has secured a $1 billion loan to revive the Three Mile Island Unit 1 reactor, which was idled in 2019 due to economic reasons. The plant is being renamed the Crane Clean Energy Center. Microsoft has agreed to purchase the power generated by the refurbished facility, with operations expected to resume in 2028.
The investment will restore the plant, including upgrades to the turbine, generator, cooling and control systems. The restart of the 835-megawatt reactor is projected to add 800 megawatts of carbon-free electricity to the grid. The project is expected to create 3,400 jobs and contribute $16 billion to Pennsylvania's GDP.
The loan, guaranteed by Constellation, aims to lower financing costs and encourage private investment. The loan structure is designed to protect taxpayers.
