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StocksMediumUpdated•Originally published 8 September 2026•Updated 8 September 2026•
2 min read

U.S. Closes Up to $1.9 Billion Loan for NextEra Nuclear Restart Tied to Google

Key Facts

1The U.S. Department of Energy financially closed a loan of up to $1.9 billion to support the Duane Arnold restart.
2The plant has a capacity of 615 megawatts and ceased operations in 2020.
3Google and NextEra signed a 25-year agreement for the plant's electricity.
4NextEra targets a return to service by the first quarter of 2029, subject to regulatory approvals.

The U.S. Department of Energy has financially closed a loan of up to $1.9 billion to NextEra Energy to help fund the restart of the Duane Arnold Energy Center in Linn County, Iowa, moving the plan from a financing commitment to financial close.

The 615-megawatt facility is Iowa's only nuclear plant. It ceased operations in 2020, and the department says its return would add reliable, round-the-clock baseload electricity to the regional grid.

The project is tied to a 25-year agreement between NextEra and Google. Under it, Google will purchase carbon-free electricity from the plant to support its growing cloud and AI infrastructure in Iowa.

NextEra is targeting a return to service by the first quarter of 2029, but the schedule remains subject to required regulatory approvals. The loan closing therefore does not mean the plant is already authorized to resume generating electricity.

The U.S. Nuclear Regulatory Commission says a restart requires restoration of the plant's operational licensing basis, returning components to a condition that supports safe operation and completing any necessary upgrades. The plan is also undergoing licensing and environmental reviews and safety, security and readiness inspections.

For investors, the financial close marks an important funding milestone but does not eliminate execution risk. The next indicators will be progress in regulatory reviews, refurbishment work and NextEra's ability to meet its target date, while Google's long-term purchase agreement provides identifiable contracted demand if the restart is completed.