With encouragement from South Carolina leaders, including Henry McMaster and members of the General Assembly, Santee Cooper launched a competitive bidding process in January 2025 to identify a third party capable of completing two partially built AP1000 nuclear units in Fairfield County.
The response reflected strong interest in nuclear energy. Working with financial advisors Centerview Partners and J.P. Morgan, Santee Cooper evaluated proposals based on strict financial, risk mitigation, and execution criteria.
In October, the Santee Cooper Board of Directors approved a letter of intent with Brookfield Asset Management, authorizing a six-week initial feasibility period and exclusive negotiations.
“Brookfield came to Santee Cooper with a proposal that set out the path to turn our prior nuclear investment into lasting value for our customers and all South Carolinians,” said Santee Cooper Board Chairman Peter McCoy. “Our goals include completing these reactors with private money and no ratepayer or taxpayer expense, delivering financial relief to our customers and gaining significant additional power capacity for South Carolina. Brookfield’s proposal would do just that, and the company has the financial capability to stand behind its proposal.”
The Fairfield County units are based on the AP1000 design developed by Westinghouse Electric Company. Brookfield’s majority ownership stake in Westinghouse adds both financial backing and technical alignment to the proposal.
Santee Cooper President and CEO Jimmy Staton also noted that Santee Cooper’s strategic decision to maintain the equipment over the past eight years positions the Fairfield units for a quicker and less costly path to completion. “The state of the units, and the fact that they use the same Westinghouse AP1000 technology that is now operating in Georgia and overseas, make these assets very attractive to the nuclear power industry.”
Setting the Stage for Next Steps
Following the six-week initial project feasibility period, the Santee Cooper Board of Directors approved a Memorandum of Understanding with Brookfield on December 8, 2025. The MOU advances the project into a more formal feasibility phase and outlines key financial terms. The deal terms include $2.7 billion in cash to Santee Cooper should the parties reach a 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. The MOU also establishes a path to FID, estimated to take 18 to 24 months.
“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,” Staton said . “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.”
Additional provisions in the MOU are:
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A Feasibility Committee, comprised of two members, each from Santee Cooper and Brookfield with Santee Cooper appointing the chair, will oversee the diligence process.
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Brookfield will meet certain milestones throughout the feasibility period and will provide monthly progress reports to Santee Cooper during this period. 
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By June 26, 2026, Brookfield must determine initial feasibility and establish a target date for its FID.
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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 Affairs to provide opportunities, and engagement with communities and stakeholders, including Fairfield County.
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Santee Cooper 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.
Looking to the Future
Successfully completing these units would mean benefits beyond energy generation. The project could create thousands of temporary construction jobs and hundreds of highly skilled permanent operational positions. It could also strengthen and diversify South Carolina’s energy portfolio and enhance overall grid reliability.
As the feasibility process moves forward, Santee Cooper and Brookfield will continue evaluating the path to completion—one that could reshape South Carolina’s energy future while delivering measurable value to customers statewide.