Papua New Guinea partners with Shenzhen Energy for hydropower project

Papua New Guinea partners with Shenzhen Energy for hydropower project

Reuters  | Feb 23, 2021 21:36

Papua New Guinea partners with Shenzhen Energy for hydropower project

Feb 23 (Reuters) - Papua New Guinea announced on Tuesday an implementation agreement with a consortium led by Chinese power generator Shenzhen Energy 000027.SZ for a 180 megawatts hydropower project on the Ramu river.

The Ramu 2 hydropower project will cost $902 million and boost Papua New Guinea's national power generation capacity by 33%, William Duma, the country's minister for state enterprises, said in a statement.

The consortium will now be able to enter a power purchase agreement with PNG Power Ltd, the state-run electricity provider, the statement added.

The project will be implemented via a public-private partnership between the government and the consortium, whereby the assets and the operations of the project will be handed over to the government after a 25-year term.

The Ramu 2 project is also aligned with the schedule for the Wafi-Golpu copper and gold project, Duma said. The Wafi-Golpu project is partially owned by Australia's top independent gold producer Newcrest Mining NCM.AX .

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