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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.

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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.

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