Manila Electric Company (Meralco) has signed a memorandum of understanding with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to explore cooperation on nuclear energy development in the Philippines.

A subsidiary of the Korea Electric Power Corporation (KEPCO), KHNP is the largest power generation company in Korea, while KEXIM serves as the state-owned official export credit agency and financing arm.

The undertaking outlines collaboration areas which aim to strengthen Meralco’s Nuclear Energy Strategic Transition (NEST) program, beginning with joint discussions on reactor design and engineering, the exchange of technical and regulatory information, and efforts to help strengthen the Philippines’ nuclear legal and institutional frameworks.

To further build local capability, the three entities will explore potential training programs, employee exchanges and other knowledge-sharing initiatives aimed at developing technical competency and supporting long-term operational readiness.

In addition, the collaboration extends to possible early-stage project development, such as public acceptance initiatives, project planning, and site selection studies which are key steps in evaluating the feasibility of potential nuclear power projects.

Meralco, KHNP, and KEXIM will also work together on business and financial modeling to support future nuclear developments. As part of this effort, KEXIM will explore potential financing structures and credit facilities for Meralco’s prospective projects involving KHNP and other Korean enterprises.

“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations. Complementary to the Philippine government's efforts to lay the groundwork for its nuclear power program, Meralco is assessing how nuclear can best contribute to our long-term strategy. Partnering with KHNP and KEXIM gives us access to proven global expertise and enables us to study technology, business models, and financing options with greater depth. This MOU marks an early but consequential step in this important process,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said.