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The money will go toward 31 projects across 26 states that are expected to produce more than 23 gigawatts of additional electricity capacity.
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Plans for a permanent underground storage facility at Yucca Mountain have long been stalled because of opposition from Nevadans and officials.
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The federal government is reconsidering its loan of about $2.3 billion for the Thacker Pass mine project that was first approved by the Biden Administration.
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Partially funding its projects with lower-cost federal loans could save customers up to $1 billion over the life of the financing.
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The money will help build 600+ miles of new transmission lines and upgrade about 400 miles of existing lines so that they can carry more current.