The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) on Sept. 8 announced the financial close of a loan of up to $1.9 billion to NextEra Energy to help finance the restart of the Duane Arnold Energy Center in Linn County, Iowa.
The investment will bring Iowa's only nuclear power plant back online, advancing President Trump's energy dominance agenda and Executive Order, Reinvigorating the Nuclear Industrial Base.
“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,” said U.S. Deputy Secretary of Energy James P. Danly. “Returning 615 megawatts of reliable baseload generation will drive down electricity costs, while supporting thousands of American jobs. This Administration is pursuing a comprehensive nuclear strategy, restarting existing reactors, increasing the output of our nuclear fleet, and accelerating new construction, to build the abundant, affordable, and reliable power system required for American prosperity and reindustrialization.”
“President Trump called for a nuclear renaissance, and the Department of Energy is delivering,” said EDF Director Gregory A. Beard. “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.”
Duane Arnold ceased operations in 2020. Pending required U.S. Nuclear Regulatory Commission licensing approvals, the plant’s restart will return reliable nuclear power to the grid and help meet growing electricity demand across Iowa and the Midwest.
With the Duane Arnold 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, it said.
