Korea Eximbank and Korea Hydro & Nuclear Power said they signed a three-party memorandum of understanding with Meralco, the Philippines’ largest private power company, in Manila to cooperate on developing nuclear power projects in the Philippines.
The signing ceremony was attended by Industry Minister Kim Jung-kwan and Philippine Trade and Industry Secretary Maria Roque. Korea Eximbank President Hwang Ki-yeon, KHNP acting CEO Jeon Dae-uk and Meralco Chairman Manuel Pangilinan signed the agreement.
The MOU was arranged following President Lee Jae-myung’s state visit to the Philippines, with the aim of supporting the local market entry of “K-nuclear” from the financing side.
Under the agreement, Korea Eximbank will review possible financing for nuclear projects pursued by Meralco, offer tailored financing packages when South Korean companies participate, and support efforts to build a nuclear industry ecosystem combining KHNP’s technology with Meralco’s local network.
Pangilinan said South Korean companies’ proven technology and Korea Eximbank’s financial support would be “meaningful progress” for strengthening the Philippines’ energy security and economic growth.
Hwang said the MOU marks a starting point for expanding Korea Eximbank’s financing expertise into nuclear projects in the Philippines, adding that the bank will step up support so the market can become a new growth opportunity for South Korean companies.
* This article has been translated by AI.
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