U.S. Department of Energy Closes Up to $1.9 Billion Loan to Restart NextEra Energy's Duane Arnold Energy Center

The U.S. Department of Energy (DOE) and NextEra Energy, Inc. have closed a conditional commitment and financial agreement for a loan of up to $1.9 billion to restart the Duane Arnold Energy Center in Linn County, Iowa. The facility, a 615-megawatt nuclear plant, ceased operations in 2020 and is now slated to return to service no later than the first quarter of 2029, pending regulatory approvals. The DOE’s loan, administered through its Office of Energy Dominance Financing, will fund the plant’s refurbishment and restart, marking one of the largest nuclear restart efforts in the U.S.

NextEra Energy estimates the restart will generate over $9 billion in economic benefits for Iowa over 25 years, including thousands of jobs during construction and refurbishment. The project is expected to support more than 400 permanent, high-paying jobs during operations and generate approximately $75 million in tax revenue for the state. The company has already secured a certificate from the Iowa Utilities Commission authorizing construction and operation, a key regulatory milestone toward the plant’s revival.

The Duane Arnold Energy Center, Iowa’s only nuclear energy facility, operated safely for over four decades before its shutdown in 2020. NextEra Energy is now pursuing a comprehensive process involving inspections, engineering evaluations, and licensing under the oversight of the U.S. Nuclear Regulatory Commission and other federal, state, and local agencies. The restart aims to add reliable, around-the-clock baseload power to the regional grid, addressing growing electricity demand while maintaining affordability for customers.

NextEra Energy, the largest electric power and energy infrastructure company in North America, emphasized the broader implications of the restart for U.S. energy policy. The company highlighted the plant’s role in supporting economic growth, job creation, and energy security, aligning with the administration’s push for an all-of-the-above energy strategy. The DOE and Iowa officials also underscored the project’s significance in advancing America’s nuclear renaissance and meeting rising energy needs.