Arya News - The loan, payable over 25 years, would be offered to private power companies that want to invest in nuclear generation, as the government aims to switch on its first kilowatt by 2032.
MANILA – The Philippines may tap massive financial support from the United States (US), up to $5 billion, for its nuclear energy development, a local official said.
In a media briefing on Monday, Department of Energy (DOE) undersecretary Giovanni Bacordo said the government has been exploring financing schemes to fund the deployment of nuclear facilities, as it hopes to activate its first kilowatt by 2032.
In their recent visit to America, he said they had a meeting with the US International Development Finance Corp., where the latter hinted at the possibility of lending out up to $5 billion.
“As I understood it, it is payable for over 25 years. This offer is for the private power corporations desiring to invest in nuclear energy for power generation,” he told reporters in a message.
The US Trade and Development Agency earlier extended $ 2.8 million in technical financial assistance to Manila Electric Co.. This Pangilinan-led power giant has been the frontrunner in building its nuke plans.
Bacordo also said that the government has been working closely with the Asian Development Bank “to ensure that our project structures of the upper-grade credit enhancements are truly bankable.”
Industry leaders in the US indicated that micro-modular reactors could see early deployment around 2028, while small modular reactors are set for a target of about 2030, according to an energy executive.
“But let me be clear, these timelines require further validation alongside demonstration, licensing, and delivery progress. When it comes to regulation, early preparation is critical,” he said.