He said it'd be a multi-decade initiative to find the best way to export wind and solar resources.
Options include direct cable links to places like Indonesia or Singapore, upgrading minerals exports to have additional energy included or export via carriers like hydrogen, ammonia or fertiliser.
In the case of hydrogen, the electricity generated by wind or solar can be used to split water into hydrogen and oxygen, so the hydrogen can become a fuel source.
If Japan and South Korea go ahead with hydrogen for transport it would create demand for liquid or highly compressed hydrogen.
Advantages include faster refuelling, but Mr Frischknecht warned it's currently a more complicated and less mature technology with greater energy loss in the electricity-hydrogen-electricity conversion.
Hydrogen projects could be backed by the Clean Energy Finance Corporation provided there's a renewable component, chief executive Ian Learmonth told Senators.
"It's certainly, (we) believe, a market of the future," he said.
But no commercially viable projects have so far been put forward.
Around 50 applications have been received by ARENA for research and development funding which will be granted by an expert panel in the coming weeks.