NextEra Energy Inc. (NYSE: NEE) and Google announced agreements to restart the Duane Arnold Energy Center in Iowa, with the 615-megawatt nuclear facility targeted to be operational by the first quarter of 2029.

The companies signed a 25-year power purchase agreement under which Google will buy electricity from the plant to support its cloud and artificial intelligence infrastructure in Iowa. Central Iowa Power Cooperative will purchase the remaining portion of the plant's output under the same terms.

NextEra Energy agreed to acquire the combined 30% interest held by Central Iowa Power Cooperative and Corn Belt Power Cooperative in the facility, bringing its ownership to 100%. The Duane Arnold plant, Iowa's only nuclear facility, was shut down in 2020.

The project is expected to create approximately 400 direct full-time jobs and deliver more than $9 billion in economic benefits to Iowa, according to the companies. During construction, the project is projected to generate more than 1,600 direct, indirect and induced jobs across the state.

"Restarting Duane Arnold marks an important milestone for NextEra Energy," said John Ketchum, chairman and CEO of NextEra Energy. "Our partnership with Google not only brings nuclear energy back to Iowa — it also accelerates the development of next-generation nuclear technology."

Ruth Porat, president and chief investment officer of Alphabet and Google, said the partnership "will deliver nuclear energy and hundreds of new job opportunities in the Hawkeye State by the beginning of 2029."

The companies also signed a separate agreement to explore the development of new nuclear generation to be deployed in the United States. NextEra Energy now has nearly 3 gigawatts of energy projects executed with Google across the country.

The restart requires regulatory approvals, and NextEra Energy said it is working with the Nuclear Regulatory Commission and other governmental authorities for the facility's return to service.