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NextEra Energy secures $1.9 billion federal loan to restart Iowa's Duane Arnold Energy Center

NextEra Energy Resources has secured a federal loan of up to $1.9 billion from the Department of Energy to restart the Duane Arnold Energy Center, Iowa's only nuclear power plant. The 615-megawatt facility, which closed in 2020, is expected to be back online by the first quarter of 2029. The administration announced the loan as part of a broader strategy to quadruple the nation's nuclear power by 2050. The project is anchored by a 25-year power purchase agreement with Alphabet's Google, which will purchase approximately 90% of the plant's energy to power its cloud and AI infrastructure. NextEra Energy Resources CEO Brian Bolster stated that the restart will help keep power affordable for existing customers while ensuring that Iowa families and businesses do not bear the costs of grid growth. An economic study commissioned by NextEra estimates the restart will generate $9.1 billion in economic activity for the state over 25 years. The project is also expected to create thousands of construction jobs and more than 400 permanent operational positions.

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