MONCKS CORNER, S.C. (WIS) - Santee Cooper announced Monday that it has reached a $2.7 billion agreement to revive its failed nuclear initiative.

Officials said the utility reached a memorandum of understanding with Brookfield Asset Management, a private firm selected earlier this year to take on the VC Summer project.

Santee Coopoer said the agreement “establishes a formal feasibility period regarding completing those units.”

Terms of the deal include $2.7 billion in cash to Santee Cooper, should both parties reach what’s known as a Final Investment Decision and commit to building the units in Fairfield County. Also included is a targed 25% ownership share for Santee Cooper once the units begin operation.

The previous project was shut down in 2017 before any new power was generated, l

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