Aussie firms consider Phl for RE investments
He cited the Philippines’ policies on foreign ownership for RE projects, which were recently relaxed to promote the sector
Daily TribuneHe cited the Philippines’ policies on foreign ownership for RE projects, which were recently relaxed to promote the sector
Trade and Industry Secretary Alfredo Pascual (left) explains to Southern Infrastructure Pty Ltd. managing director Paul Watson how the country can be a perfect destination for renewable investment, during their meeting in Adelaide, Australia on Monday. | photograph courtesy of DTI
Two Australian firms engaged in infrastructure projects for renewable energy are considering the Philippines to be the site of their investment outside the country.
In a statement, the Department of Trade and Industry said Trade Secretary Alfredo Pascual had a meeting on Monday with Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd., an Australian-based development and construction company, delivering complex infrastructure projects for government and the private sector, both have a presence in Australia and internationally.
During the meeting, Pascual relayed to Southern Infrastructure Pty Ltd. managing director Paul Watson, and Kaizen ANZ Pty Ltd. director Sabas Capili that the country has a strong potential in terms of renewable energy investments.
Eased rules
He cited the Philippines' policies on foreign ownership for RE projects, which were recently relaxed to promote the sector.
Further, the meeting of Pascual to Australian prospective investors is an active effort to reach the country's target of at least a 35 percent share of renewable energy in the power generation mix by 2030 and a further 50 percent by 2040.
To recall, the Department of Energy on November 2022 revised the foreign investment negative list to open the renewable energy sector to full foreign ownership from a 40 percent cap, enabling foreign citizens or foreign-owned entities to engage in the exploration, development, and utilization of the country's renewable energy resources, such as solar, wind, biomass, ocean or tidal energy.
Moreover, Pascual underscored that the Philippines is looking into alternative renewable sources of power such as hydrogen and nuclear while also exploring further studies to establish relevant policies and sustainable practices.
Also, during the meeting, the three discussed a potential project in developing, building, and operating an initial 40 MW thorium-fueled simple — high–temperature gas-cooled reactor — STGR20 (V) to deliver a safe, sustainable, and green (CO2=0) base load energy at the lowest kWh rate in the market ($0.03.8 kWh).
For their part, Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd. expressed their interest in entering into a Public-Private-Partnership agreement with the Philippine government to build and deliver the project.
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 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.
