One Nuclear Signs LOI for 2.88-GW Louisiana Gas Plant

ONE Nuclear Energy has executed a binding letter of intent for site control. It plans to develop a major gas-fired power plant and battery storage system in Louisiana. The project is named Cayman. It involves a 2.88-gigawatt natural gas plant. It also includes a 700-megawatt/2.88-gigawatt-hour battery energy storage system (BESS).

According to the company's August 31 news release, the LOI was signed with a prominent Louisiana landowner group. ONE Nuclear stated the strategy aligns with utility Entergy's ongoing regional transmission infrastructure buildout. CEO Richard Taylor spoke. He said the project demonstrates a commitment to supporting future economic development. This is for an important industrial region.

Project Location and Scope

Project Cayman will be sited near the RiverPlex MegaPark. This is a 17,000-acre heavy industrial site. It is on the west bank of the Mississippi River in Ascension Parish. The location is northeast of SpaceX's planned Starbase launch facility. That facility is in coastal Vermilion Parish. Beyond serving data centers, the power project is expected to support regional economic development. It will aid other industrial projects.

ONE Nuclear said it will hold public information meetings. These will be with local parishes, government agencies, and stakeholders. Meetings will continue through the end of the year. Taylor noted the investment aims to support rapidly growing energy needs. These come from other developments. He cited the SpaceX project and Hyundai's $5.8-billion steel mill. The company did not disclose details. It did not name the specific data center development involved.

Corporate Strategy and Market Context

The company supports both advanced small modular nuclear reactors (SMRs) and utility-scale gas-fired plants. Its stated strategy is to build natural gas generation for industrial sites. These sites could later transition to nuclear power via SMRs. ONE Nuclear currently has projects in Washington state, Texas, and New Mexico.

Louisiana's Data Center Push

Louisiana officials have signaled support for data center development. Several major projects are underway. These include a Meta 5-GW campus in Richland Parish. Amazon Web Services also plans to invest $12 billion in northwest Louisiana campuses. To support Meta's operations, Entergy Louisiana stated in 2024 it would build gigawatts of new natural gas-fired generation.

Last month, ONE Nuclear announced a business combination. It is with Hennessy Capital Investment Corp. VII. The deal was approved by shareholders. It is expected to close by year-end.