NextEra Energy has secured a $1.9 billion loan from the US Department of Energy’s Office of Energy Dominance Financing (EDF) to support the restart of the Duane Arnold nuclear power plant, which is tied to a long-term Power Purchase Agreement (PPA) with Google.
– NextEra Energy
The plant, located in Linn County, Iowa, is the only nuclear energy project in the state and first entered service in February 1975. However, due to the 2020 Midwest derecho (straight-line windstorm), which damaged the facility’s cooling towers, repairs were deemed uneconomical, leading to its shutdown.
Reports surfaced in 2024 that NextEra was considering a restart of the 615MW plant, following Microsoft's announcement that it would take 100 percent of a revived Three Mile Island nuclear power plant in Pennsylvania. The company subsequently announced that it had signed a 25-year PPA with Google in October, with the plant expected to begin delivering power by 2029.
According to the DOE, the latest loan will help finance the restart of the plant and represents the third loan provided by EDF to support a nuclear plant restart in the US. These include the Crane Clean Energy Center (Three Mile Island Unit 1), which received a $1bn loan, and the Palisades nuclear power plant in Covert Township, Michigan, which secured a $1.52bn loan.
