USTDA funding for Philippines SMR roadmap

Deal Analysis

The U.S. Trade and Development Agency (USTDA) is providing funding to MGEN, a subsidiary of Manila Electric Company (Meralco), to conduct a technical review of U.S.-made Small Modular Reactor (SMR) designs and develop a roadmap for the Philippines' first SMR nuclear power plant. This financing aims to support the Philippines government's efforts to explore nuclear energy as a potential source of power. The project sponsor is the Philippines Government. The USTDA's involvement underscores the U.S. government's interest in promoting U.S. nuclear technology abroad and supporting energy security initiatives in the region. While the value of the funding is undisclosed, the deal is strategically important as it represents a significant step towards potentially introducing SMR technology to the Philippines. The project will involve a technical review of U.S. SMR designs, potentially opening doors for U.S. companies to participate in the Philippines' future energy infrastructure development. This initiative aligns with the USTDA's mission to create U.S. jobs through the export of U.S. goods and services for priority development projects.

USTDA funding supports the development of a roadmap for the Philippines' first SMR plant.
MGEN, a subsidiary of Manila Electric Company (Meralco), is the developer.
The project involves a technical review of U.S.-made SMR reactor designs.
The Philippines Government is the project sponsor.

Market Context: The Philippines is exploring various energy sources to meet its growing electricity demand. Nuclear energy, particularly SMR technology, is being considered as a potential alternative to traditional fossil fuels. This deal reflects the increasing interest in SMRs as a viable option for countries seeking to diversify their energy mix and reduce carbon emissions.

Source Intelligence

KEY DETAILS

The Philippines signed a 123 Agreement with Washington in November 2023. Quote: "In November 2023, the country advanced its nuclear ambitions by signing a so-called 123 Agreement with Washington, opening the door to US nuclear technology, fuel and equipment."

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Capacity

In early 2024, the Philippines Department of Energy unveiled plans to deploy 2,400 MW of nuclear power capacity by 2032.

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Location

The US is accelerating the deployment of advanced nuclear technologies to the Philippines with funding for the Asian nation’s major power utility to evaluate US small modular reactor (SMR) designs and develop a roadmap for Manila’s first SMR nuclear power plant.

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Announcement

By David Dalton 18 February 2026

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COD

In early 2024, the Philippines Department of Energy unveiled plans to deploy 2,400 MW of nuclear power capacity by 2032.

PARTIES MENTIONED IN SOURCE

U

USTDA funder

"The US Trade and Development Agency (USTDA), which announced the funding, said the project will help address the Philippines’ rising energy demand and position US industry as a long-term partner for nuclear power development in the country."

M

MGEN developer

"USTDA’s assistance will provide MGEN, a subsidiary of the Philippines’ largest private electric distribution utility Manila Electric Company (Meralco), with a comprehensive technical review of advanced US-made SMR reactor designs."

M

Manila Electric Company (Meralco) parent company

"USTDA’s assistance will provide MGEN, a subsidiary of the Philippines’ largest private electric distribution utility Manila Electric Company (Meralco), with a comprehensive technical review of advanced US-made SMR reactor designs."

high quality Enriched Feb 19, 2026