THE Department of Trade and Industry (DTI) said Australian companies have expressed interest in entering into a public-private partnership (PPP) for a 40-megawatt (MW) gas-cooled reactor.
“Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd. expressed interest to enter into a PPP agreement with the Philippine government to build and deliver the project,” the DTI said in a statement on Monday.
Trade Secretary Alfredo E. Pascual met with Southern Infrastructure and Kaizen to discuss the Philippines’ renewable energy investment potential.
Mr. Pascual relayed to the Australian companies the Philippines’ interest in alternative renewable sources of power such as hydrogen and nuclear.
“In the meeting, they discussed a potential project to develop, build, and operate an initial 40-MW thorium-fueled simple-high-temperature gas-cooled reactor,” the DTI said.
The project is expected to deliver safe, sustainable and green base load energy at the lowest kilowatt per hour (kWh) rate in the market, about $0.03.8 kWh.
The project is also expected to produce green hydrogen for transport and desalinated water and gamma radiation as by-products, which will allow long-term storage of food products.
“The project will start by mid-2024 and finish construction by 2027 and is expected to generate at least 1,000 local jobs during its construction and operation,” the DTI said.
Meanwhile, Mr. Pascual and Foreign Affairs Secretary Enrique A. Manalo were invited to preside over the 6th Philippines-Australia Ministerial Meeting on Tuesday in Adelaide.
In a joint statement, the DTI and the Department of Foreign Affairs (DFA) said that the event is an opportunity “to chart the course of the newly established Strategic Partnership between the Philippines and Australia.”
On the agenda at the event are bilateral trade, investment, security and maritime cooperation, development cooperation, people-to-people exchanges, and regional and global issues.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that possible areas of cooperation and collaboration between the two countries also include education, tourism and infrastructure projects and financing.
“Filipinos are among the biggest sources of foreign students in Australia, including scholarships and grants,” Mr. Ricafort said.
On Friday, Australia’s investment and education promotion agency Austrade said around 30,000 Filipino students are currently studying in Australia. This is 66.7% higher than the 18,000 students before the pandemic. — Justine Irish D. Tabile