The Manila Electric Company (Meralco) has forged a strategic partnership with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to advance the Philippines’ nuclear energy program. The Memorandum of Understanding (MOU) marks a significant step toward strengthening energy security and promoting sustainable power solutions in the country.
KHNP, a subsidiary of Korea Electric Power Corporation (KEPCO) and Korea’s largest power generator, brings decades of nuclear expertise, while KEXIM, the state-owned export credit and financing agency, will help explore funding options for potential nuclear projects in the Philippines.
The collaboration will support Meralco’s Nuclear Energy Strategic Transition (NEST) program through joint studies on reactor design, engineering, and regulatory frameworks. The partnership also aims to build local capability via training programs, employee exchanges, and technical knowledge-sharing initiatives to ensure long-term operational readiness.
Beyond technical expertise, the three organizations will work together on early-stage project development, including public acceptance programs, site selection studies, and project planning—key steps in assessing the feasibility of nuclear power in the Philippines.
Financial collaboration is also a focus. KEXIM will examine financing structures and credit facilities to support Meralco’s future nuclear projects alongside KHNP and other Korean partners.
“Nuclear energy offers the Philippines a way to diversify its power sources, strengthen energy security, and reduce vulnerability to fuel price fluctuations. Working with KHNP and KEXIM gives us access to global expertise and helps us study technology, business models, and financing options in detail. This MOU is a critical first step in our nuclear energy journey,” said Meralco Chairman and CEO Manuel V. Pangilinan.