The Maharlika Investment Fund (MIF), may invest in the country’s nuclear power generation plans, according to a Department of Energy (DOE) official.
In a report by GMA News Online, DOE-Nuclear Energy Division head Patrick Aquino revealed that findings from the Philippine International Nuclear Supply Chain Summit’s business matching activities would be submitted to the Maharlika Investment Corporation (MIC), which manages the MIF, for potential investment consideration.
Aquino added that the DOE will provide MIC with information from this event and other nuclear energy initiatives to support informed investment decisions.
While the MIF’s initial investment is in transmission and distribution infrastructure for off-grid islands to reduce electricity costs, MIC also plans to make its first investment by the end of the year. Aquino noted that, given the Philippines’ development goals, electricity generation is a significant component.
Meanwhile, Energy Secretary Raphael Lotilla shared that the DOE has engaged MIC to assess the costs and financing options for incorporating nuclear power into the country’s energy portfolio.
Lotilla added that there is a need for comprehensive studies on financing nuclear projects, as highlighted by President Marcos.
The DOE is gearing up to introduce nuclear power gradually, targeting an initial 1,200 megawatts (MW) by 2032, with plans to expand to 2,400 MW by 2035 and reach 4,800 MW by 2050.
To this, Lotilla confirmed that the Philippines intends to have commercially operational nuclear plants by 2032.
