Export-Import Bank of Korea (Korea Eximbank), Korea Hydro & Nuclear Power (KHNP), and Meralco signed a three-way memorandum of understanding (MOU) to collaborate on nuclear energy projects in the Philippines, with Korea Eximbank opening the door for financial backing.
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Counterparts (4)
Partner
K
Korea Hydro & Nuclear Power
company
Korea Hydro & Nuclear Power (KHNP) is a leading state-owned utility in South Korea, primarily responsible for the generation of electricity through nuclear and hydroelectric power. The company is actively expanding its domestic and international footprint by developing new nuclear power plants, pursuing renewable energy projects, and exploring advanced technologies like small modular reactors (SMRs) and green hydrogen.
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Export-Import Bank of Korea
company
Export-Import Bank of Korea (KEXIM) is a government-owned policy bank established to support South Korea's international trade, overseas investment, and economic cooperation. It provides comprehensive financial services, including project finance, trade finance, and export credit, primarily for large-scale infrastructure, energy, and industrial projects globally, often involving Korean companies.
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Deal Analysis
This announced three-way Memorandum of Understanding (MOU) marks a significant step towards the potential development of nuclear energy projects in the Philippines. The partnership brings together the Export-Import Bank of Korea (Korea Eximbank), a government-owned policy bank providing crucial financial backing, with Korea Hydro & Nuclear Power (KHNP), a leading state-owned utility responsible for nuclear power generation. Their collaboration with Manila Electric Company (Meralco), the largest electric power distribution company in the Philippines, establishes a robust framework for exploring and implementing nuclear solutions in the archipelago.
The deal is notable for the caliber of its participants and its strategic implications. Korea Eximbank's involvement signals strong governmental support from South Korea for its nuclear technology exports, effectively opening the door for substantial financial backing for future projects. KHNP's expertise in nuclear power generation, combined with Meralco's deep understanding of the Philippine energy market and extensive distribution network, creates a powerful consortium. While currently an early-stage MOU with no disclosed value or specific project details, this partnership underscores a serious intent to advance nuclear energy in the Philippines, positioning South Korean technology and financing at the forefront of this effort.
- Involves a government-owned policy bank (Korea Eximbank) providing crucial financial backing.
- Partnership between a leading nuclear utility (KHNP) and the largest Philippine power distributor (Meralco).
- Early-stage MOU signaling intent for significant future nuclear energy development.
- Represents a key move for South Korea's nuclear export strategy.
Source Intelligence
KEY DETAILS
The deal is a "three-way memorandum of understanding (MOU)" signed to "collaborate on nuclear energy projects". Korea Eximbank will be responsible for "the review of financial support for Meralco’s nuclear projects, the provision of customized financial packages for Korean companies and the creation of a nuclear ecosystem combining KHNP’s technical expertise with Meralco’s partnership network". Meralco is described as "the Philippines’ largest private energy company". KHNP provides "more than 30 percent of Korea’s electricity" and Meralco supplies "more than 50 percent in the Philippines".
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Location
during a signing ceremony in Manila, Philippines, Wednesday. Courtesy of Korea Eximbank By Yi Whan-woo Published Mar 4, 2026 3:25 PM KST Updated Mar 4, 2026 5:59 PM KST MOU signed on occasion of Korean president’s state visit to Manila The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered with energy companies from both Korea and the Philippines on the latter's nuclear energy projects.
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Announcement
Published Mar 4, 2026 3:25 PM KST
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Signing
MOU signed on occasion of Korean president’s state visit to Manila... The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered... The state-run bank said a three-way memorandum of understanding (MOU) was signed... in Manila, Philippines, Wednesday.
PARTIES MENTIONED IN SOURCE
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Export-Import Bank of Korea (Korea Eximbank)
lender
"The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered with energy companies from both Korea and the Philippines on the latter's nuclear energy projects. The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines, opening the door for Korea Eximbank to back parties financially."
K
Korea Hydro & Nuclear Power (KHNP)
partner
"The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines"
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Meralco
partner
"The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines"
high quality
Enriched Mar 6, 2026
Global Infrastructure Sherpa