By Sheldeen Joy Talavera, Reporter
THE Department of Energy (DoE) said it tapped Maharlika Investment Corp. (MIC) to assist in studying how to finance the introduction of nuclear energy technology to the Philippines.
“We have asked the Maharlika to study the costing and what financing mechanisms might be available,” Energy Secretary Raphael P.M. Lotilla said on the sidelines of the Philippine International Nuclear Supply Chain Forum on Wednesday.
The DoE wants to explore how to raise financing “in such a way that the upfront cost in building nuclear power plants will not be shouldered alone by the current generation of Filipinos.”
Mr. Lotilla noted, however, that there are still no decisions on investments involving Maharlika. “We are taking advantage of the people that they have to study the financing options.”
MIC President and Chief Executive Officer Rafael D. Consing, Jr. has said that energy is one of the priority investment areas of the sovereign wealth fund, and is expected to take up the bulk of its initial investments.
MIC is looking to raise $1 billion to fund energy projects.
Mr. Lotilla said that the investment in nuclear technology will be determined once the government decides on related issues, such as the sites of the power plants.
Maharlika’s participation in nuclear-power investments remains uncertain, according to Patrick Aquino, Energy Utilization Management Bureau director. He added, though, that he would not be surprised if the fund did invest eventually.
“For a country like us and our aspirations, electric power is a big component. We leave it up to the sound judgment of Maharlika whether it comes in at whatever stake,” he told reporters separately.
Under the Philippine Energy Plan, the government aims to have commercially operational nuclear power plants by 2032 with at least 1,200 megawatts (MW), and 2,400 MW by 2035.
