Korea Hydro & Nuclear Power, the Export-Import Bank of Korea, and Manila Electric Company signed a tripartite memorandum of understanding to cooperate on developing new nuclear power plants in the Philippines, covering technology, human resources, feasibility analysis, and financial support.
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Counterparts (3)
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.
E
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.
M
Manila Electric Company
company
Manila Electric Company (Meralco) is the largest electric power distribution company in the Philippines, serving a vast customer base across Metro Manila and surrounding provinces. The company is actively expanding its portfolio into power generation, particularly renewable energy, retail electricity supply, electric vehicle charging infrastructure, and digital infrastructure including hyperscale data centers.
Deal Analysis
Korea Hydro & Nuclear Power (KHNP), the Export-Import Bank of Korea (KEXIM), and Manila Electric Company (Meralco) have signed a tripartite Memorandum of Understanding (MoU) to collaborate on the development of new nuclear power plants in the Philippines. Announced on March 4, 2026, this partnership signifies a strategic intent to explore and potentially implement nuclear energy solutions within the Philippine power sector. The MoU outlines comprehensive cooperation across critical areas, including technology transfer, human resource development, detailed feasibility analysis, and financial support, establishing a foundational framework for future project execution.
This partnership is particularly notable due to the prominent entities involved: KHNP, a leading state-owned nuclear utility; KEXIM, a key government-backed financial institution supporting South Korea's international ventures; and Meralco, the largest electric power distribution company in the Philippines. The deal's focus on nuclear power, a capital-intensive and long-term energy solution, underscores a significant commitment to energy diversification and security in the Philippines. While specific project details such as capacity and stage remain undisclosed, the involvement of such high-caliber counterparts suggests a serious and coordinated effort to advance nuclear energy development in the region, potentially reshaping the Philippine energy landscape.
- Tripartite MoU between a leading nuclear utility (KHNP), a policy bank (KEXIM), and the largest Philippine utility (Meralco).
- Focus on nuclear power plant development, covering technology, human resources, feasibility analysis, and financial support.
- Strategic exploration of nuclear energy in the Philippines.
- Involvement of state-owned Korean entities and a major Philippine private utility.
Source Intelligence
KEY DETAILS
The MoU establishes a foundation for strategic cooperation encompassing technology, human resources, feasibility analysis, and financial support for the Philippines' new nuclear power plant project. Specifically, the two sides will closely collaborate on: joint discussions on the overall adoption of nuclear power technology; strengthening human resources through education and training; cooperating in the early stages of nuclear power plant development, including site selection and improving acceptance; and exploring financial support measures for nuclear power projects. Under the MoU, Korea Eximbank said it will be responsible for reviewing financial support for Meralco's nuclear power projects, the provision of customised financial packages for Korean companies participates in the projects and the creation of a nuclear power plant ecosystem combining KHNP's technical expertise with Meralco's cooperative network.
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Location
The MoU was signed on Wednesday in Manila during a state visit by South Korea's President Lee Jae Myung to the Philippines.
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Announcement
Wednesday, 4 March 2026
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Signing
The MoU was signed on Wednesday in Manila during a state visit by South Korea's President Lee Jae Myung to the Philippines.
PARTIES MENTIONED IN SOURCE
K
Korea Hydro & Nuclear Power
developer
"Korea Hydro & Nuclear Power, the Export-Import Bank of Korea and the Philippines' largest private electric distribution utility Manila Electric Company have signed a tripartite memorandum of understanding for cooperation in developing nuclear power plants in the Philippines."
E
Export-Import Bank of Korea
lender
"Korea Hydro & Nuclear Power, the Export-Import Bank of Korea and the Philippines' largest private electric distribution utility Manila Electric Company have signed a tripartite memorandum of understanding for cooperation in developing nuclear power plants in the Philippines."
M
Manila Electric Company
developer
"Korea Hydro & Nuclear Power, the Export-Import Bank of Korea and the Philippines' largest private electric distribution utility Manila Electric Company have signed a tripartite memorandum of understanding for cooperation in developing nuclear power plants in the Philippines."
high quality
Enriched Mar 6, 2026
Global Infrastructure Sherpa