PINOPOLIS, S.C. (AP/WVOC) - Santee Cooper's board has approved an agreement to sell a stake in two new nuclear reactors to SCANA Corporation for about $500-million.

SCANA is the parent company of South Carolina Electric and Gas which, along with state-owned utility Santee Cooper, will jointly operate the $10-billion reactors being added at the V.C. Summer Nuclear Station in Fairfield County.

The Post and Courier newspaper reports that the deal approved Monday will increase SCANA's ownership in the new units from 55% to 60%. Santee Cooper's ownership will drop to 40%.

The deal will take place over several years and likely won't be finalized until about 2021.

Charlotte-based Duke Energy had negotiated for a 5-to-10% slice of the reactors, which are expected to come online in 2018 and 2019.