NUCLEAR INVESTMENT. President Ferdinand R. Marcos Jr. meets the top executives of NuScale Power Corporation in Washington, D.C. on the sidelines of his working visit to the United States on Monday (May 1, 2023). The two sides discussed potential cooperation on energy. (Photo courtesy of PCO)

MANILA – A top nuclear energy firm based in the United States has expressed interest to invest in the Philippines after a meeting with President Ferdinand R. Marcos Jr. in Washington, D.C., Malacañang announced Tuesday.

Oregon-based NuScale Power Corporation, which is known for developing a safe modular, and scalable small nuclear power system, is expected to invest USD6.5 billion to USD7.5 billion (PHP415.5 billion) to provide 462 megawatts to the country by the early 2030's, according to the Presidential Communications Office.

Marcos said the country has a "shortfall in power supply,” which could be addressed with the support of NuScale.

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

In the meeting, NuScale said it is planning to study and locate a site in the Philippines.

Clayton Scott, NuScale executive vice president for business, expressed confidence that NuScale's small modular reactor (SMR) technology will perform as expected.

The firm’s SMR is the first and only one of its kind to receive design approval from the US Nuclear Regulatory Commission.

It has existing projects in the US state of Utah, Romania, Indonesia and Poland providing safe, reliable and cost competitive clean energy to consumers.

Aside from Scott, Cheryl Collins, director for sales for NuScale, was also present during the meeting with 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 in building assets through Prime Infra to support infrastructures on energy, access to clean water and waste management, among others.

Joining Marcos in the meeting were 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. (PNA)