State-run Korea Hydro sold HK$1.2 billion (US$154 million, or RM683.63 million) of the notes to global institutional investors in Hong Kong and Singapore, it said in a statement on Wednesday. It’s the latest sign of a reemerging acceptance by investors of the power as an alternative to fossil fuels. 

The nuclear industry has been enjoying a global renaissance as a stable source of low-carbon power that’s able to provide energy round the clock, and garnered support as countries seek to transition to cleaner energy. Russia’s invasion of Ukraine in early 2022, and the subsequent spike in global energy prices and choking-off of gas from Europe’s main supplier is making the technology even more attractive.

Korea Hydro is at the forefront of a global nuclear energy push, with plans to build reactors at home and abroad. The firm is in talks with utilities around the world, and last year said it was on pace to meet a government goal to export 10 reactors by 2030.

The funds from Korea Hydro’s bond sale will be used to improve nuclear power plant safety, and fund research and development related to next-generation nuclear power plants, the company said. With the successful issuance of the nuclear power green bond, the company will be able to pursue nuclear power projects at lower interest rates, Korea Hydro said.

Power producer Constellation said last yearthat  it issued the first corporate green bond in the US that can be used to finance nuclear energy projects, after pricing a US$900 million note. Similarly, Japan’s Kansai Electric Power Co, Inc issued a transition bond in 2024 to finance nuclear power. 

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