The partnership will specialise in the development of Westinghouse nuclear reactor technology, with the ambition of establishing a world-leading nuclear project execution company, the partners said. It will offer execution capabilities for the deployment of nuclear projects based exclusively on Westinghouse reactor technology, including AP1000 and AP300, in addition to end-to-end project management, licensing support, and oversight of engineering, procurement, construction and commissioning activity.
Brookfield Asset Management and Cameco acquired Westinghouse in 2023. The Nuclear Company, launched in 2024, aims to modernise nuclear construction through a “design-once, build-many” approach, backed by a proprietary AI-driven platform that it says transforms reactor construction into a data-driven, predictable process.
Construction of two AP1000 units began at VC Summer in 2013 but construction was abandoned in 2017 following reactor vendor Westinghouse’s filing for bankruptcy in March that year. Majority owner SCE&G (now Dominion Energy South Carolina) then transferred its interest in the assets to South Carolina state-owned utility Santee Cooper. Santee Cooper announced last year that it was in negotiations with Brookfield Asset Management about the potential completion of the units.
Brookfield said it has – with Santee Cooper’s support – selected the new company to project manage the completion of the two VC Summer units, which it says is “one of the most execution-ready nuclear development opportunities in America”.
The new company will support due diligence activity for the project and oversee the delivery should it move forward to Final Investment Decision. Development of the project remains subject to further evaluation, regulatory approvals, and the execution of definitive agreements.
Last year, the US Government, Cameco and Brookfield announced a strategic partnership for the construction of at least USD80 billion of new reactors across the USA using Westinghouse nuclear reactor technology.
The new joint venture reflects Brookfield’s approach to large-scale infrastructure investment and focus on partnering with experienced operators, Brookfield Managing Partner Wyatt Hartley said: “By combining our global infrastructure development capabilities with nuclear project delivery expertise, we believe this platform has the potential to accelerate the American nuclear resurgence, building on the momentum of the Westinghouse partnership with the US Government.”
”Our team was built on the field of Vogtle and on some of the most complex energy projects in the world,” Joe Klecha, Chief Nuclear Officer of The Nuclear Company, said. “We know what it takes to deliver nuclear. What’s been missing is a model that brings together the people, the capabilities, and the capital to do it at speed and scale. That’s what this partnership creates.”
The formation of the new partnership is subject to approvals and conditions.
