Brookfield Reportedly In Advanced Talks For Multi-Billion-Dollar Nuclear Project In South Carolina

• Brookfield is in talks with one of South Carolina’s largest power providers, Santee Cooper, according to a report by The Wall Street Journal.
• Santee Cooper has obtained approval from its board to enter into talks with Brookfield.
• The company is also in talks with other companies, including players in the technology sector, to buy the nuclear power that will be generated at the plant.

Brookfield Asset Management (BAM) is reportedly in advanced talks to acquire two inactive nuclear reactors in South Carolina, amid growing demand for electricity to power data centers due to an AI boom.

According to a report by The Wall Street Journal, Santee Cooper has obtained approval from its board to enter into talks with Brookfield, as the two parties look to finalize terms of the deal over the coming weeks. Santee Cooper is one of the largest power providers in South Carolina.

Brookfield’s shares were up more than 1% in Friday’s midday trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.

Talks With Other Companies Underway

According to the report, Santee Cooper is also in talks with other companies, including players in the technology sector, to buy the nuclear power that will be generated at the plant.

“Santee Cooper—along with the entire industry—has the opportunity to modernize the electric grid.”

—  Jimmy Staton, CEO, Santee Cooper

The terms of the deals are currently under discussion, and the report notes that it could be valued in the billions.

Construction To Take A Year Or More

The report added that the construction of the two nuclear reactors had been halted in 2017 after Santee Cooper and former co-owner of the plant, South Carolina Electric & Gas, spent a combined $9 billion.

If the deal between Brookfield and  Santee Cooper goes through, the two companies will need to find a construction partner, as well as complete due diligence, which could take a year or more, before the plant’s construction can be resumed, according to the report.

BAM stock is down 0.2% year-to-date but up 4% in the past 12 months.

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