By Robb M. Stewart
Brookfield is launching a new company with nuclear-project developer The Nuclear Co. that initially is looking at possibly reviving a reactor project in South Carolina.
The investment firm and the startup are forming a company that will specialize in the development of Westinghouse Electric nuclear reactor technology, with an ambition of building a world leader in nuclear projects.
The Nuclear Co. said the new venture has been picked by Brookfield to potentially restart work on two partially constructed Westinghouse-designed AP1000 units near Jenkinsville, S.C. The company will act as the project manager for the Fairfield County nuclear development, which was formally known as V.C. Summer Nuclear Units 2 and 3.
The project is one of the most execution-ready nuclear development opportunities in America. Santee Cooper, South Carolina’s state-owned utility company, supports the new company’s role on the project, The Nuclear Co. said.
The venture will support due diligence activity for the project and oversee the delivery if it moves forward to a final investment decision. Development of the project remains subject to further evaluation, regulatory approvals and the execution of definitive agreements, the firms said.
Brookfield and Canadian uranium producer Cameco, which jointly own Westinghouse, last year partnered with the U.S. government to help drive the construction of at least $80 billion of new nuclear reactors in the country using Westinghouse technology. The push to reinvigorate America’s nuclear power industrial base comes amid a fresh push toward nuclear energy in a number of countries as the growth of artificial intelligence demands more power to operate.
The Nuclear Co. and Brookfield said they expect to progress toward definitive documentation in the coming months to build the new business, bringing together the former’s nuclear project expertise and Brookfield’s global asset management and energy infrastructure development abilities.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
05-04-26 1021ET