Santee Cooper moves forward with Brookfield to complete nuclear reactors

Oct 24 (Reuters) - Public utility company Santee Cooper said on Friday it has approved a letter of intent from Brookfield Asset Management BAM.TO to enter into talks over resuming construction of two AP1000 nuclear reactors in Fairfield County, South Carolina.

Both the companies will initiate a six-week feasibility period during which they will select a project manager, evaluate construction providers, and engage potential buyers for the carbon-free power the reactors could generate.

The project was scrapped in July 2017 after two utilities, Santee Cooper and South Carolina Electric and Gas Co (SCE&G), had spent about $9 billion developing it.

"Brookfield came to Santee Cooper with a proposal that set out the path to turn our prior nuclear investment," said Peter McCoy, Santee's chairman.

The decision to maintain the equipment over the past eight years positions the Fairfield units for a quicker and less costly path to completion, the company said

In January, the company was seeking buyers for the two partially built nuclear units at the V.C. Summer Nuclear Station in Jenkinsville.

The Wall Street Journal reported the news earlier in the day.