Santee Cooper Advances Potential Restart of Nuclear Project, Reactor Sale

Written by Danny Levin, Deputy Editor for Industrial Info Resources (Sugar Land, Texas)

---

Summary

After Santee Cooper picked Brookfield Asset Management to revive construction of two partially built nuclear units next to the V.C. Summer Plant in South Carolina, the state-owned utility approved a memorandum of understanding that establishes a feasibility study for completing the project. This paves the way for Brookfield's purchase of the two reactors, pending a final investment decision.

---

Efforts to Revive Stalled Nuclear Project Move Forward

In addition to establishing a feasibility period for completing the units, terms of the memorandum of understanding (MOU) include Brookfield Asset Management's (New York, New York) purchase of the two reactors for $2.7 billion in cash, pending a final investment decision (FID) and an agreement to "commit to constructing the units." Other terms include a deadline of June 26, 2026 for Brookfield to determine initial feasibility and establish a target date for the FID. The utility, which would work with Brookfield on the FID, expects it would take 18 to 24 months before a decision is reached.

Santee Cooper also would collaborate on "actions related to detailed construction planning and analysis" needed to reach the FID.

In addition, the utility would receive a 25% ownership stake, which would include proportional capacity, once the units begin operation.

The partially built nuclear units, each of which are designed to have 1,100 megawatts (MW) of generating capacity, were around 40% built by the end of 2017, but work was halted at the time by the owners concerned about runaway overrun costs. The restarted units could boost the plant's capacity to 2,200 MW. The plant's 974-MW Unit 01, which shares ownership between Dominion Energy South Carolina (67%) and Santee Cooper (33%), is operational. Dominion operates the unit.

The estimated total investment value of the project is $16 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more from a detailed project report and plant profile.

The parties began negotiating the MOU after reaching a letter of intent in late October.

For more information, see October 27, 2025, article - Santee Cooper Moves Closer to Reviving Stalled Nuclear Project.

Key Takeaways

• Santee Cooper and Brookfield Asset Management reached an MOU to begin a feasibility study for restarting two partially built units at the V.C. Summer Plant in South Carolina.
• This paves the way for Brookfield's purchase of the assets for $2.7 billion in cash.
• The estimated total investment value of the value of the proposed restart is $16 billion.

---

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).