WASHINGTON (dpa-AFX) - U.S. power company NextEra Energy Inc. (NEE), announced on Tuesday that it has closed a loan agreement with the Department of Energy or DOE to support the restart of its Duane Arnold Energy Center in Iowa, moving closer to bringing the state's only nuclear facility back online.
The DOE's Office of Energy Dominance Financing approved a loan of up to $1.9 billion to help fund the restart of the 615-megawatt plant in Linn County. NextEra said the project is expected to generate more than $9 billion in economic benefits for Iowa over 25 years, create thousands of jobs during construction and refurbishment, support more than 400 permanent positions once operational, and deliver about $75 million in tax revenue over its lifetime.
The company announced last October that it plans to restart Duane Arnold no later than the first quarter of 2029. The DOE loan marks one of the most significant nuclear restart efforts underway in the United States.
The Duane Arnold plant had been in operation for more than four decades, before closing in 2020. NextEra is pursuing the restart through regulatory, licensing and readiness processes under the oversight of the Nuclear Regulatory Commission and state agencies.
In pre-market activity on the NYSE, shares of NextEra Energy were down 0.25 percent, changing hands at $83.21, after closing Monday's regular session 0.75 percent lower.
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