This was revealed by developer, Shenzen Energy.
Shenzen Energy Group President, Pingyang Wang, and his team met with Minister for State Owned Enterprises, William Duma, and Kumul Consolidated Holdings Managing Director, Darren Young, as discussions on the Ramu 2 Hydro Project are being concluded.
Wang and his team have been in the country since Sunday meeting with the Prime Minister and major development partners such as Ramu Nico.
The Shenzen energy President said the group is excited to work on their first project in the Pacific and thanked the Government for having the confidence in them to deliver the first ever multi-billion kina hydro-power project.
KCH has reviewed and renegotiate the commercial agreement and they will then present it to the NEC for approval before the parties can executive the project.
Minister Duma is confident the project will be launched during the APEC Leaders meeting in November.
Construction of the Project is expected to begin in March 2019 and conclude at the end of 2024.
Shenzen is the lead consortium partner in the project and has a 70% interest while the state, Eastern Highlands and Morobe Provincial Governments and Landowners own 30%.
Under a Public-Private Partnership model, the asset will be given back to the Government after 25 years of operation – debt free.
The Ramu 2 Power Project will produce 180 Mega Watts once fully operational.
Minister Duma says it is a nation building project and structured to supply electricity to supply power to Wafi-Golpu and Ramu Nico mines, and the people of the Ramu system and provide least cost power for the country.