Brookfield Asset Management (BAM) and the South Carolina utility Santee Cooper have entered into a memorandum of understanding that will launch a feasibility study to complete the two partially built AP1000 nuclear units at the VC Summer site. The agreement, approved by Santee Cooper’s board on December 8, 2025, sets a six‑week window for the parties to evaluate construction options, select a project manager, and assess the regulatory pathway for re‑licensing the reactors.
Under the terms, Brookfield will receive a $2.7 billion cash payment if the parties reach a final investment decision and commit to construction. In return, Santee Cooper will retain a 25 % ownership stake in the project, with proportional capacity once the units become operational. The deal positions Brookfield as the lead developer while giving the utility a debt‑free, carbon‑free power source that could add roughly 2,200 MW of capacity to South Carolina’s grid.
The VC Summer project was originally started in 2013 and abandoned in 2017 after Westinghouse’s bankruptcy and cost overruns that pushed the estimated cost to nearly $10 billion. The original construction and operating licenses were terminated by the NRC in 2019, so Brookfield and Santee Cooper will need to re‑apply for new licenses. However, the site’s prior approvals and preserved equipment—reported to be in excellent condition—could accelerate the regulatory process and reduce upfront capital needs.
Brookfield’s financial strength underpins the project. In Q3 2025, the firm raised $30 billion and deployed $23 billion, driving fee‑related earnings to $754 million and distributable earnings to $661 million. The company’s fee‑bearing capital reached $581 billion, an 8 % year‑over‑year increase. Brookfield’s majority ownership of Westinghouse, the AP1000 designer, gives it a technical advantage and confidence in managing the complex construction and licensing requirements.
Santee Cooper officials highlighted the deal’s dual benefits. “Brookfield’s proposal will turn a costly past investment into lasting value for our customers and the state,” said Peter McCoy, board chairman. “The project will deliver 2,200 MW of reliable, carbon‑free power and create thousands of construction jobs while relieving ratepayers of future debt.” CEO Jimmy Staton added that the partnership aligns with South Carolina’s goal to retire coal plants and meet growing demand from data centers and advanced manufacturing. The agreement also reflects Brookfield’s broader strategy of investing in long‑term, low‑carbon infrastructure that can generate stable, fee‑based returns.
The MOU signals a broader resurgence of nuclear energy in the United States, as states seek reliable, low‑emission baseload power to complement intermittent renewables. By leveraging Brookfield’s capital and project execution expertise, the VC Summer units could become a flagship example of private‑sector investment revitalizing a previously stalled nuclear project, potentially setting a precedent for similar initiatives nationwide.
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