SUBSCRIBE
PROFILE

Santee Cooper signs $2.7 billion agreement with Brookfield to revive two nuclear reactors

Santee Cooper has approved a memorandum of understanding with Brookfield Asset Management to assess the feasibility of restarting two unfinished nuclear reactors, with a potential $2.7 billion payment and 550 MW capacity stake.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Public utility Santee Cooper has approved a memorandum of understanding with Brookfield Asset Management to assess the feasibility of completing two partially built AP1000 nuclear units. If a final investment decision is reached, the agreement includes a $2.7 billion cash payment (approximately EUR2.51 billion) to Santee Cooper and a 25% ownership stake in the units once operational.

Project revived amid growing demand

The joint feasibility study is expected to last between 18 and 24 months and will be overseen by a dedicated committee composed of four members, two from each party. Santee Cooper will chair the committee. Brookfield will meet several interim milestones and submit monthly reports, with a key deadline set for June 26, 2026, by which time the company must confirm initial feasibility and define a target date for the final investment decision.

Financial objectives and risk sharing

The 25% stake granted to Santee Cooper includes proportional capacity, representing approximately 550 megawatts. This ownership share may be adjusted depending on the final construction costs. Under the agreement, Brookfield will also draft an economic development plan involving local businesses, educational institutions, veteran employment initiatives, and regional workforce engagement.

Selection process and industrial outlook

In response to growing electricity demand, particularly in residential and industrial sectors, Santee Cooper launched a competitive tender process in January 2025 to find a partner to complete the units. More than 70 expressions of interest were received, including 15 formal proposals. Proposals were evaluated using financial, risk mitigation, and execution criteria developed in collaboration with sector experts.

Additional capacity and economic impact

Completion of the two units could create thousands of temporary construction jobs and several hundred permanent operational roles. The project would strengthen South Carolina’s energy grid while increasing the share of non-carbon-emitting electricity in the regional energy mix.

  • Popular on energynews.pro
SECI partners with Global Energy Alliance to accelerate India’s grid modernisation
JERA signs seven-year LNG supply deal with Hokkaido Gas
Technique Solaire secures €40mn junior debt to support 392 MWp in projects
EDF Power Solutions appoints METLEN to build 400MW Longfield solar farm
Newcleo launches European safeguards process for lead-cooled modular reactor
Sweden: Videberg Kraft files first request for public aid to build two nuclear reactors
Videberg Kraft AB becomes the first company to request government support to build two new reactors at the Ringhals site, under the national nuclear investment framework adopted in 2025.
Brussels investigates €30bn public loan for two reactors in Czechia
The European Commission opens an in-depth investigation into Prague's public funding of a major nuclear project, which could reach €30bn ($32.88bn), with guaranteed revenues over forty years.
Japan approves restart of Kashiwazaki-Kariwa, its largest nuclear power plant
Niigata's assembly officially backs the restart of the Kashiwazaki-Kariwa site, marking a key step in Japan’s return to nuclear energy following the 2011 Fukushima disaster.
Japan opens public funding for nuclear projects to support reactor restarts
The Japanese government plans to fund up to 30% of loans required for nuclear projects, aiming to accelerate reactor restarts and double the share of nuclear energy in its energy mix by 2040.
EDF raises cost estimate for six new nuclear reactors to €72.8 billion
French state utility EDF has increased the maximum estimated cost for building six new nuclear reactors to €72.8 billion ($85.29 billion), representing a 40% rise over the original figure.
Holtec and MVM join forces to deploy small nuclear reactors in Hungary
US-based Holtec has signed a memorandum of understanding with Hungary’s energy group MVM to assess the deployment of its SMR-300 technology, strengthening bilateral nuclear cooperation and opening prospects for a new market in Central Europe.
Radiant raises $300mn to industrialise its micro nuclear reactors in the United States
California-based startup Radiant has secured $300mn to build its first factory in Tennessee and prepare for the mass production of miniature nuclear reactors for off-grid applications.
Terra Innovatum accelerates licensing process for its SOLO™ reactor with the NRC
Terra Innovatum has increased its interactions with the Nuclear Regulatory Commission to advance licensing of its SOLO™ micro-modular reactor, despite the partial shutdown of the US federal government.
Clinton and Dresden nuclear reactors granted 20-year licence extensions
The US nuclear regulator has extended the operating licences of three Illinois reactors by 20 years, strengthening Constellation's long-term industrial outlook for the Clinton and Dresden sites.
Orano and the University of Pau launch EUR2.3mn programme to explore new uranium deposits
The SATURNE Industrial Chair aims to develop innovative uranium extraction methods, with joint funding from Orano and the National Research Agency over a four-year period.
X-energy secures Doosan forgings for its SMR reactors
US-based X-energy has signed a reservation agreement with South Korea's Doosan Enerbility to secure key components for its small modular nuclear reactors.
Niger signs strategic deal with Russia to revive uranium mining
Niger expands its mining alliances with Uranium One to develop new sites, while the Dasa project continues seeking financing despite clear political backing.
Samsung Heavy Industries secures certification for floating nuclear platform with SMART100
Samsung Heavy Industries has received Approval in Principle for a floating nuclear plant featuring two SMART100 reactors, marking a step toward the commercialisation of offshore small modular reactors.
India unveils draft law to open its nuclear sector to private investment
The Indian government proposes a unified legal framework for nuclear energy, aiming to boost private investment and increase installed capacity to 100 GW by 2047.
Samsung C&T expands nuclear projects in Europe with Synthos Green Energy
Samsung C&T strengthens its presence in modular nuclear energy in Europe by signing an agreement with Synthos Green Energy to develop up to 24 SMRs in Poland and several Central European countries.
nT-Tao develops control method to stabilise power delivery in fusion systems
Israeli firm nT-Tao and Ben-Gurion University have developed a nonlinear control system that improves energy stability in fusion plasmas, strengthening the technical foundation of their future compact reactors.
India opens nuclear sector to private companies with landmark bill
The Indian government has introduced a bill allowing private companies to build and operate nuclear power plants, ending a state monopoly in place for over five decades.
Natura launches DOE authorisation process for its MSR-1 reactor in Texas
Natura Resources enters a new regulatory phase for its molten salt reactor MSR-1, following the signing of a framework agreement with the US Department of Energy under the Reactor Pilot Program.
Norway consults 22 municipalities about hosting nuclear waste facilities
Norwegian Nuclear Decommissioning is surveying 22 localities to assess their interest in hosting storage facilities for radioactive waste from the country’s former research reactors.
Flamanville EPR reactor reaches 100% nuclear power after 12-year delay
Electricité de France's Flamanville 3 reactor has reached full power for the first time, marking a key industrial milestone in the deployment of EPRs in Europe, despite cost overruns reaching EUR23.7bn ($25.7bn).

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.