NextEra Energy has reached a conditional commitment and financial close with the U.S. Department of Energy for a loan of up to $1.9 billion to support the restart of the Duane Arnold Energy Center in Linn County, Iowa. The financing is being provided through the DOE’s Office of Energy Dominance Financing.
The 615-megawatt Duane Arnold plant is Iowa’s only nuclear facility. It operated for more than four decades before ceasing operations in 2020. NextEra Energy said in October that it plans to restart the plant no later than the first quarter of 2029, subject to regulatory approvals. In June, the Iowa Utilities Commission issued a certificate authorizing the company to construct and operate the facility.
The project is expected to have a significant economic impact in Iowa. A study estimated that the restart could generate more than $9 billion in economic benefits over 25 years. It is projected to create thousands of jobs during construction and refurbishment and support more than 400 permanent jobs during operations. The company also expects the project to generate approximately $75 million in tax revenue over its life.
John Ketchum, chairman, president and chief executive officer of NextEra Energy, said the restart is intended to deliver new power to meet new demand while generating billions of dollars in economic value for Iowans. James P. Danly, U.S. deputy secretary of energy, said returning 615 megawatts of reliable baseload generation would help lower electricity costs and support thousands of American jobs.
The U.S. Nuclear Regulatory Commission is overseeing ongoing inspections, engineering evaluations and readiness activities, alongside other agencies, as the restart proceeds.
