North Carolina Construction News staff writer
Santee Cooper has approved a Memorandum of Understanding with Brookfield Asset Management that advances a potential plan to complete two partially built AP1000 nuclear units at the V.C. Summer site in Jenkinsville, S.C., marking a new phase in the long-stalled construction project.
The agreement, approved Tuesday, begins an 18- to 24-month feasibility period during which Brookfield will evaluate whether to make a Final Investment Decision on finishing the reactors. If the project proceeds, Santee Cooper would receive $2.7 billion in cash and hold a 25% ownership stake with proportional capacity once the units enter commercial operation, with the final share dependent on total completion costs.
The AP1000 units have remained unfinished since 2017, when the original V.C. Summer expansion was abandoned amid rising costs and construction challenges.
The feasibility process will be overseen by a committee with two representatives from each organization, chaired by Santee Cooper. Brookfield is required to meet specific review milestones, provide monthly updates and determine initial feasibility by June 26, 2026, along with setting a target date for its investment decision. The company must also produce a draft economic development plan considering the use of South Carolina contractors and labor, workforce development programs and community engagement.
The MOU follows a competitive bid process launched by Santee Cooper in early 2025 that drew interest from more than 70 entities and 15 formal proposals.
The potential economic impact of completing the reactors was outlined this week in a separate report commissioned by Westinghouse Electric Company and conducted by PricewaterhouseCoopers LLC. The study concluded that finishing the two AP1000 units could generate more than $7.3 billion in state GDP during construction and support about 7,300 jobs in South Carolina annually. Once operational, the units could add $1.6 billion to the state’s GDP each year and support more than 2,700 jobs over an estimated 80-year lifespan.
Nationally, the PwC analysis found the project could contribute $13.8 billion to U.S. GDP during construction and support nearly 12,900 jobs annually. Over the reactors’ operating life, it estimated $2.1 billion in annual U.S. GDP and 3,700 ongoing jobs.
Backers say the project could strengthen South Carolina’s role in the growing nuclear sector. “This project is creating a lasting economic engine that powers local communities with stable careers and sustained growth,” said Ethel Bunch, founder of the Palmetto Nuclear Coalition.
Dan Sumner, interim CEO of Westinghouse, said the findings underscore the long-term economic value of the AP1000 units and South Carolina’s potential leadership in new nuclear generation.
If completed, the reactors would provide roughly 2,300 megawatts of carbon-free generation — enough to power about 1.5 million homes — and support grid reliability as demand increases from residential growth and industrial expansion.
Santee Cooper and Brookfield are expected to continue detailed planning and analysis through the feasibility period before a final decision is made.