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4d ago

U.S. Closes $1.9 Billion Loan to Restart Duane Arnold Nuclear Plant

The move aims to secure steady, low‑carbon power for growing AI data centers and to advance the administration’s program to revive mothballed reactors.

Duane Arnold's 200-ton generator rotor heads to New York for critical refurbishment (courtesy of NextEra Energy)
Google to purchase energy from Duane Arnold nuclear plant under new 25-year NextEra deal (NextEra Energy)
Duane Arnold Energy Center.

Overview

  • The Department of Energy’s Office of Energy Dominance Financing closed an up‑to‑$1.9 billion loan to NextEra Energy on Tuesday to support the Duane Arnold refurbishment.
  • NextEra has a 25‑year power purchase agreement with Google to buy most of the plant’s output, making the deal a key financier for Google’s planned Iowa data‑center expansion.
  • NextEra expects the 615‑megawatt reactor to resume commercial operations in early 2029, but that target depends on a multi‑step U.S. Nuclear Regulatory Commission licensing process.
  • The DOE says the project will create about 1,500 construction jobs and more than 450 permanent operations positions and deliver roughly $9 billion in economic value to Iowa over the PPA term.
  • The loan is part of a wider federal push to restart shuttered reactors — a faster, lower‑cost way to add baseload power — and has drawn criticism from groups who warn about public financing for aging plants and regulatory risk.