$5-billion US loan to support Philippine nuclear power drive
Manila: The Philippines’ Department of Energy (DOE) said the US could make available a financing package of up to $5 billion to support nuclear power development in the Asian nation. The terms discussed run up to 25 years. The current offer is labelled as “debt support” for private companies, not a loan to the government. Nothing has been signed yet. Energy Undersecretary Giovanni Carlo Bacordo…
The United States is offering up to a $5 billion financing package to aid the Philippines in developing nuclear power. The terms of this financial support are structured as debt assistance for private companies, rather than a direct loan to the Philippine government. This initiative is being discussed by the US International Development Finance Corporation (IDFC) and the US Export-Import Bank (Eximbank).
These talks took place following a US delegation visit to the Philippines from October 10 to 18, during which they met with energy officials and visited the Idaho National Laboratory. The Philippine government aims to generate 1,200 megawatts of nuclear capacity by 2032 and potentially expand to 4,800 megawatts by 2050, with potential nuclear plant sites including Bataan, Batangas, Masbate, Pangasinan, Palawan, and Camarines Norte.
Interested Philippine energy companies include Meralco, Aboitiz Power, San Miguel Power, and Prime Infra. The Philippine government's focus is on creating investment opportunities, generating jobs, and building local capabilities. However, the timeline for actual construction remains uncertain, with industry experts predicting construction timelines of 2028-2030 for small reactors.
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