Stocks
NextEra Energy Secures $1.9 Billion Loan to Restart Nuclear Plant with Google as Buyer
NextEra Energy recently secured a $1.9 billion loan from the U.S. Department of Energy to restart its Duane Arnold nuclear plant in Iowa, with Google agreeing to buy most of the power for 25 years.
The financing is closed, but the plant still needs Nuclear Regulatory Commission licensing before it can operate. The Duane Arnold plant stopped running in 2020 and was initially set to retire early due to a derecho that forced its retirement.
The restart plan dates back to last October, but the new development is the funding from the DOE loan, which lowers the project's cost of capital and shares the risk with the government. NextEra aims for commercial operation no later than the first quarter of 2029, pending NRC approval.