Santee Cooper approves $2M settlement in final VC Summer nuclear project lawsuit

The State – Santee Cooper’s board approved a $2 million settlement Monday in the final lawsuit stemming from the failed V.C. Summer nuclear plant project.

Between 2014 and 2016, South Carolina’s public utility issued mini-bonds to individual investors in an effort to raise money for infrastructure projects, mainly the nuclear plant project in Fairfield County. The mini-bond sales would typically bring in $20 million to $25 million from investors into the state-owned utility, said Santee Cooper spokesperson Mollie Gore.

But in 2019, investors sued Santee Cooper, alleging the utility did not disclose issues surrounding the $9 billion nuclear project, leading to low interest rates.