$1.9bn Loan to Restart Duane Arnold Energy Center in Iowa for Google
The US Department of Energy has provided NextEra Energy with up to $1.9bn in funding to restart the Duane Arnold Energy Center, Iowa's only nuclear power plant. The majority of its output is already contracted to Google under a 25-year deal for cloud and AI infrastructure in the state.
The loan from the Department's Office of Energy Dominance Financing comes after approval from the Nuclear Regulatory Commission (NRC). NextEra expects the plant back online by late 2028 or early 2029, with an increased capacity of 615 megawatts - 14 more than before. This is enough to power nearly 500,000 homes.
The loan is part of a wider programme to promote nuclear power under President Trump's administration. The Department expects over 1,500 jobs during construction and more than 450 will remain once the plant is operational. Deputy Secretary James Danly highlighted the benefits of reliable baseload generation, stating 'Returning 615 megawatts of reliable baseload generation will drive down electricity costs.'