US offers up to $5bn financing package for Philippine nuclear power
The Philippines' energy department says the US could provide debt support for private companies investing in nuclear generation.
At a glance
- US could provide up to $5 billion in debt support for private nuclear power companies in the Philippines
- Financing terms would extend up to 25 years
- Support would cover debt financing, engineering and design services
- No agreements have been finalised
The Philippines' Department of Energy said the US could make available financing of up to $5 billion to support nuclear power development, with terms running up to 25 years. The arrangement would be structured as debt support for private power companies rather than a government loan, according to Energy Undersecretary Giovanni Carlo Bacordo. The US International Development Finance Corp has indicated potential support, while the US Export-Import Bank is being engaged on engineering and design services.
No agreements have been signed. The discussions followed an October mission by a Philippine delegation to the US, which included visits to Idaho National Laboratory and meetings with the US Nuclear Regulatory Commission and Department of Energy. The government is also working with the Asian Development Bank to ensure nuclear projects are bankable.
Why it matters
The Philippines is exploring nuclear power as part of its energy development strategy, with international financing crucial to making such projects viable.
Original reporting
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