Details emerge on proposed $2.7B sale of former SC nuclear plant

A big step has been taken in the potential sale of a long-shuddered nuclear power project in the Midlands, and there is now a price tag to go along with it.

Utility company Santee Cooper has reached a memorandum of understanding with Brookfield Asset Management to conduct a feasibility study regarding the completion of two nuclear power reactors at the V.C. Summer site near Jenkinsville.

The deal terms include $2.7 billion in cash to Santee Cooper should the parties reach Final Investment Decision (FID) and commit to constructing the units, plus a targeted 25% ownership share for Santee Cooper, with proportional capacity, once the units begin commercial operation. The ownership benefits could be adjusted depending on the final cost of completing the units, according to a news release.

“Santee Cooper has negotiated a strong deal for our customers, including a cash payment that will significantly reduce the debt our customers have been paying, and future electric capacity they will receive from these units at no additional capital cost,” said Santee Cooper President and CEO Jimmy Staton in the release. “Customer relief was one of two top goals when we began this process in January, with the second being optimized value to South Carolina. In addition to enabling completion of units that will generate over 2,000 megawatts in reliable, carbon-free electricity here, this deal also puts South Carolina at the front of the nation’s nuclear resurgence.”

The $9 billion plant was abandoned eight years ago without producing a single watt of power.

Santee Cooper and Brookfield have been negotiating the MOU terms in accordance with a letter of intent approved by the Santee Cooper Board on Oct. 24, providing a six-week initial project feasibility period, according to the release. The MOU establishes a path to FID, estimated to take 18 to 24 months.

Additional provisions in the MOU are:

• A Feasibility Committee, comprised of two members each from Santee Cooper and Brookfield with Santee Cooper appointing the chair, will oversee the diligence process.
• Brookfield will meet certain milestones throughout the feasibility period and will provide monthly progress reports to Santee Cooper during this period.
• By June 26, 2026, Brookfield must determine initial feasibility and establish a target date for its FID.

Brookfield will develop a draft economic development plan, also by June 26, that considers a commitment to using South Carolina companies and labor force, partnerships with K-12 and higher educational institutions, investment in workforce development, working with Veterans Affair to provide opportunities, and engagement with communities and stakeholders, including Fairfield County, according to the release.

Santee Cooper said it will work with Brookfield on actions needed to evaluate feasibility, as well as actions related to detailed construction planning and analysis, needed to reach FID.

With surging residential and industrial customer demand, and with the support of state leaders, last year Santee Cooper recognized a potential opportunity to identify a third party who would complete the unfinished nuclear units, according to the release. The utility launched a competitive bidding process in January 2025, receiving initial expressions of interest from over 70 potential bidders and 15 formal proposals. Working with industry experts, Santee Cooper developed key financial, risk mitigation and execution criteria by which the final proposals were measured.

Completion of the two units could generate thousands of temporary construction jobs and hundreds of highly skilled, permanent operational jobs, the release stated. The units would strengthen and diversify South Carolina’s energy portfolio, enhance grid reliability and help attract new industries, bringing more jobs and other economic benefits.

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