NuScale Power Corporation, a top nuclear energy firm based in the United States, has expressed its interest in investing in the Philippines. The announcement was made after the company had a meeting with President Ferdinand R. Marcos Jr. in Washington, D.C., according to a statement from Malacañang released on Tuesday.
The Oregon-based company, known for developing safe, modular, and scalable small nuclear power systems, is expected to invest between $6.5 billion to $7.5 billion (PHP 415.5 billion) to provide 462 megawatts of power to the country by the early 2030s, according to the Presidential Communications Office.
During the meeting, Marcos stated that the country has a “shortfall in power supply” that could be addressed with the support of NuScale. He added that “We need everything. We just have to have everything, and this new technology is something.”
NuScale said that it is planning to study and locate a site in the Philippines. The firm’s Small Modular Reactor (SMR) technology is the first and only one of its kind to receive design approval from the US Nuclear Regulatory Commission. Clayton Scott, NuScale Executive Vice President for Business, expressed confidence that the SMR technology will perform as expected.
NuScale has existing projects in the US state of Utah, Romania, Indonesia, and Poland, providing safe, reliable, and cost-competitive clean energy to consumers. Cheryl Collins, Director for Sales for NuScale, also attended the meeting along with a local partner, Enrique Razon, representing his Prime Infrastructure Capital, Inc. (Prime Infra).
Razon, who is also the Chairman and CEO of the Manila-listed company International Container Terminal Services, Inc. (ICTSCI), has been investing heavily in building assets through Prime Infra to support infrastructures on energy, access to clean water, and waste management, among others.
House Speaker Martin Romualdez, Trade Secretary Alfredo Pascual, Energy Secretary Raphael Lotilla, Special Assistant to the President Secretary Antonio Lagdameo Jr., Communications Secretary Cheloy Garafil, and Philippine Ambassador to the US Jose Manuel Romualdez joined Marcos in the meeting.
In conclusion, NuScale Power Corporation’s investment in the Philippines could greatly benefit the country’s energy needs, addressing the shortfall in power supply. The investment is expected to provide safe, reliable, and cost-competitive clean energy to consumers. NuScale’s Small Modular Reactor (SMR) technology is the first and only one of its kind to receive design approval from the US Nuclear Regulatory Commission.