NextEra Energy said the U.S. Department of Energy (DOE) has granted it a loan of up to $1.9 billion to support the restart of the company's Duane Arnold Energy Center in Iowa, the only nuclear plant the state.
The Duane Arnold Energy Center, a 615-megawatt nuclear facility in Linn County, Iowa, could generate more than $9 billion in economic benefits for Iowa over 25 years, create thousands of jobs during construction and refurbishment, support more than 400 permanent jobs during operations and generate approximately $75 million in tax revenue over the life of the project.
Last October, NextEra Energy announced plans to restart the Duane Arnold Energy Center no later than the first quarter of 2029, pending regulatory approvals. The DOE loan will help NextEra Energy return Duane Arnold to service for its customers, advancing one of the most significant nuclear restart efforts underway in the U.S.
The company also reached a 25-year agreement with Google, which will purchase power from the 615-MW plant as an energy source to help power its cloud and AI infrastructure in Iowa.
One of the plant's current minority owners, Central Iowa Power Cooperative (CIPCO), will purchase the remaining portion of the plant's output on the same terms as Google. NextEra Energy has signed definitive agreements to acquire CIPCO and Corn Belt Power Cooperative's combined 30% interest in the plant, which will bring NextEra Energy's ownership to 100%.
Duane Arnold, which was shut down in 2020, is expected to be online and delivering electricity onto the grid by the first quarter of 2029.
