DOE closes $1.9 billion loan to restart Iowa nuclear plant

The U.S. Department of Energy's Office of Energy Dominance Financing announced the financial close of a loan of up to $1.9 billion to NextEra Energy for the restart of the Duane Arnold Energy Center in Linn County, Iowa.

"President Trump has set an ambitious course to restore American nuclear leadership, and the restart of Duane Arnold Nuclear Plant in Iowa marks another step in advancing America's nuclear renaissance," U.S. Deputy Secretary of Energy James P. Danly said. "Returning 615 megawatts of reliable baseload generation will drive down electricity costs, while supporting thousands of American jobs."

The restart will add 615 MW of baseload power - enough to power nearly 500,000 homes - and is projected to create nearly 1,500 American jobs during construction and support more than 450 jobs during operations. Duane Arnold ceased operations in 2020 and will resume pending required U.S. Nuclear Regulatory Commission licensing approvals.

"President Trump called for a nuclear renaissance, and the Department of Energy is delivering," EDF Director Gregory A. Beard added. "Duane Arnold is exactly the kind of investment that will help restore American nuclear leadership, strengthen our energy security, and deliver the affordable, reliable power Americans need to fuel our nation's future."

With today's closing, EDF has now financed three nuclear plant restarts and completed four concurrent conditional commitments and financial closings under the Trump Administration, moving capital quickly to bring more American energy online.