Leading nuclear power energy firm to invest in the Philippines; plans to conduct study to locate site in the country

2023 May 1

A top nuclear energy firm based in the United States on Monday expressed interest to invest in the Philippines after a meeting with President Ferdinand R. Marcos Jr. in Washington D.C.

In the meeting, Oregon-based NuScale Power Corporation said it is planning to conduct study to locate a site in the Philippines. NuScale is known for developing a small nuclear power system, described as safe, modular, and scalable.

President Marcos said the country “essentially has a shortfall in power supply” and the support of NuScale would help address this issue.

“We need everything. We just have to have everything and this new technology is something,” the President said.

Clayton Scott, NuScale executive vice president for business, said the company has “very high confidence that our technology will perform as expected.”

Scott is referring to NuScale’s small modular reactor (SMR) technology, which was borne of research by leading nuclear scientists supported by the US government. Its SMR is the first and only one of its kind to receive design approval from the US Nuclear Regulatory Commission.

Nuscale has existing projects in Utah, Romania, Indonesia, and Poland providing safe, reliable and cost competitive clean energy to consumers.

In the Philippines, NuScale is expected to invest $6.5 to 7.5B to provide 430MW to the country by 2031.

Among the NuScale officials present in the meeting were Clayton Scott, executive vice president for business, and Cheryl Collins, director for sales.

Nuscale was accompanied by local partner Enrique Razon, representing his Prime Infrastructure Capital, Inc. (Prime Infra). Razon, also the chairman and CEO of the Manila-listed company International Container Terminal Services, Inc. (ICTSCI), has been investing heavily on building assets through Prime Infra to support infrastructures on energy, access to clean water, waste management, among others.

Joining the President in the business meeting were 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.