MANILA, Philippines — Australian firms are looking to partner with the Philippine government for an initial 40 megawatt (MW) thorium-based reactor project, according to the Department of Trade and Industry (DTI).
In a statement Monday, the DTI said Trade Secretary Alfredo Pascual met with officials of Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd. during his visit to Australia for the sixth Philippines Australia Ministerial Meeting (PAMM).
During the meeting, the companies discussed a potential project in developing, building, and operating an initial 40 MW thorium-fueled high temperature gas-cooled reactor.
“The Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd. expressed interest to enter into a Public-Private-Partnership (PPP) agreement with the Philippine government to build and deliver the project,” the DTI said.
It said the project aims to deliver a safe, sustainable and green base load energy at the lowest kilowatt per hour (KwH) rate in the market.
“Further, the system will also be able to produce green hydrogen for transport, desalinated water as a by-product, and gamma radiation as a by-product to allow long term storage of food products,” the DTI said.
It said the project is targeted to start in the middle of 2024 and finish construction by 2027. It is expected to generate at least 1,000 local jobs during its construction and operation.
During the meeting, Pascual emphasized that the Philippines is looking at alternative sources of energy, such as nuclear, as well as renewable energy (RE), while also exploring further studies to establish relevant policies and sustainable practices.
Pascual also highlighted the country’s potential for RE investments, citing a policy that eased foreign ownership rules in the sector.
In a bid to attract more investments in renewable energy, the Department of Energy issued a circular last year, allowing 100 percent foreign equity in renewables.
The move is also part of efforts to reach the country’s target of at least 35 percent share of RE in the power generation mix by 2030 and a further 50 percent by 2040, according to the DTI.
Pascual is currently in Australia to jointly preside over the PAMM, along with Foreign Affairs Secretary Enrique Manalo.
In a statement Sunday, the DTI and the Department of Foreign Affairs (DFA) said the two secretaries will attend the PAMM on Oct. 10 in Adelaide, South Australia upon the invitation of Minister for Foreign Affairs Penny Wong and Minister for Trade and Tourism Don Farrell.
“The 6th PAMM represents an important opportunity to chart the course of the newly established strategic partnership between the Philippines and Australia, building upon the recent meeting between President Marcos and Prime Minister Anthony Albanese in Manila last month,” the two agencies said.
The key areas of discussion will include bilateral trade, investment, and economic relations, security and maritime cooperation, development cooperation, people-to-people exchanges, and regional and global issues of mutual interest.
