The Philippines and Australia are exploring the possibility of putting-up a thorium-powered nuclear reactor plant as part of the sustainable energy diversification plans of the government.
Trade Secretary Alfredo Pascual met with Australian firms Southern Infrastructure Pty Ltd. and Kaizen ANZ Pte. Ltd., who both expressed interest to enter into a public-private-partnership (PPP) agreement with the government to build and deliver the project in the Philippines.
Pascual is in Adelaide, Australia for another round of trade and investment roadshow.
The Philippines and the Australian companies discussed the potential of developing, building and operating an initial 40-megawatt (MW) thorium-fueled high temperature gas-cooled reactor (HTGR) to deliver a safe, sustainable and green base load energy at the lowest rate in the market of about $0.03 per kilowatt-hour.
The project, once operational, can also produce by-products like green hydrogen for transport, desalinated water and gamma radiation that can be utilized for long term storage of food products.
Southern Infrastructure is looking at three years to construct and commission the nuclear reactor plant from 2024 to 2027.
The power project is expected to generate at least 1,000 local jobs during its construction and operation.
Pascual also apprised Australian companies of the Philippines’ renewable energy investment potential.
He cited the Philippines’ policies on foreign ownership for RE projects, which were recently relaxed to promote the sector.
The trade and investments mission to Australia is an active effort by the DTI to participate in the country’s ongoing program to achieve 35 percent share of RE in the power generation mix by 2030 and a 50 percent by 2040.