Juno Beach, Fla. – September 11, 2026 -- NextEra Energy, Inc. (NYSE: NEE) and the U.S. Department of Energy's Office of Energy Dominance Financing have reached financial close on a loan of up to $1.9 billion to restart the Duane Arnold Energy Center, Iowa's only nuclear plant.
Loan closes conditional financing for 615-megawatt Linn County reactor
The Duane Arnold facility, which operated for more than four decades before shutting down in 2020, is targeted for restart no later than the first quarter of 2029, pending regulatory approvals. NextEra first announced restart plans in October 2025.
Study projects $9 billion in economic benefits over 25 years
An independent study estimates the restart will generate more than $9 billion in economic benefits for Iowa over 25 years, create thousands of construction and refurbishment jobs, support more than 400 permanent high-paying operational positions, and produce approximately $75 million in tax revenue over the project's life.
Iowa Utilities Commission already issued construction certificate in June
The Iowa Utilities Commission granted NextEra a certificate authorizing construction and operation of Duane Arnold in June 2026, adding to a regulatory process that remains under U.S. Nuclear Regulatory Commission oversight alongside ongoing inspections and engineering evaluations.
Executives frame restart as tool against rising electricity demand
"Restarting Duane Arnold is about delivering new power to meet new demand while generating billions of dollars in economic value for Iowans," said John Ketchum, chairman, president and CEO of NextEra Energy. U.S. Deputy Secretary of Energy James P. Danly said the 615 megawatts of baseload generation would help reduce electricity costs while supporting thousands of jobs, calling the deal part of a broader federal push to restart existing reactors and accelerate new nuclear construction. Iowa Gov. Kim Reynolds noted she signed legislation providing incentives for nuclear power development in the state.