THE Department of Energy (DOE) said private firms interested to pursue nuclear power projects may tap a potential debt financing framework with the US International Development Finance Corporation (DFC) for up to $5 billion.
‘As I understood it, it is payable for over 25 years. This offer is for the private power corporation desiring to invest in nuclear energy for power generation,’ said DOE Undersecretary Giovanni Bacordo.
The DOE is also coordinating with the Asian Development Bank (ADB) to structure upper-grade credit enhancements, ensuring the project meets strict bankability standards.
‘We engaged with the EXIM, or the Export-Import Bank of the US, regarding their engineering multiplier program, which can assist with feasibility and design services,’ added Bacordo.
The Philippines wants to integrate nuclear energy into the national power mix, targeting 1,200 megawatts (MW) of nuclear capacity by 2032 and scaling up to 4,800MW by 2050. This timeline is heavily anchored on the commercial rollout of small nuclear reactors (SMRs). The agency is looking at locations including Bataan, Batangas, Masbate, Pangasinan, Palawan, and Camarines Norte as potential nuclear sites.
A number of power firms have expressed interest to venture into nuclear power. These include Meralco, Aboitiz Power, San Miguel Power, and Prime Infra, according to DOE Secretary Sharon Garin.
The DOE has also met representatives from the Korea Hydro and Nuclear Power Company Limited, Russia’s Rosatom, Canada’s CANDU, and the Japan Atomic Power Company. ‘This was aimed at discussing nuclear technologies, financing, and project development, as well as workforce training. We want to clarify that this is not just about building a nuclear power plant.
‘We want to bring investments, create quality jobs for Filipino engineers and skilled workers, and open opportunities for local businesses to participate in the global nuclear industry,’ said DOE Director Patrick Aquino.