Santee Cooper and Brookfield Asset Management MOU Progresses, Key Milestones Met

MONCKS CORNER, S.C. –Brookfield Asset Management (Brookfield) has completed all initial milestones for the Fairfield Nuclear Project, as set out in its Memorandum of Understanding with Santee Cooper. Brookfield has confirmed due diligence will continue for the project, working toward a Final Investment Decision (FID) in the first quarter of 2028, the point at which Brookfield will commit capital and construction could begin.

As planned, the December 2025 Memorandum of Understanding that Brookfield signed with Santee Cooper has been updated to reflect the target FID date and the other milestones that are part of the detailed feasibility phase of the project.

“Santee Cooper chose Brookfield Asset Management to finish the nuclear units because of Brookfield’s demonstrated ability to deliver,” said Jimmy Staton, Santee Cooper president and CEO. “Brookfield is also reimbursing Santee Cooper for certain expenses as outlined in the MOU, which supports our goal of conducting this work at no additional cost to our customers, use proceeds from the sale to reduce debt, and deliver lasting value to our customers and the state. Their work is consistent with expectations, and we look forward to continued progress toward Brookfield’s Final Investment Decision.”

For more than 90 years, Santee Cooper has been serving the people of South Carolina. The utility is South Carolina’s largest power provider and the ultimate source of electricity for 2 million people across the state. Through its affordable, reliable, and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper helps power South Carolina. To learn more, visit www.santeecooper.com and follow #PoweringSC on social media.