KOSPO Moves to Develop Hydropower in Papua New Guinea

Korea Southern Power Co., LTD (KOSPO) has set out on developing hydropower generation in Papua New Guinea. The administrative support from the Papua New Guinea’s government agency will give a boost to its pushing the project.

KOSPO said that it signed a memorandum of understanding (MOU) with Papua New Guinea’s Department of Works regarding the project at the meeting room of the Intercontinental Seoul Coex on Sept. 8.

The Oceanian country’s department, which handles social overhead capital of the country, signed the agreement with KOSPO when the department officials including the minister visited South Korea to attend the 2016 Global Infrastructure Cooperation Conference. The agreement was a result of sharing the common interest between the two parties as KOSPO had been considering a project in Papua New Guinea.

Currently, Papua New Guinea provides power to about 10% of its population, and the outskirts of the capital area cities fail to benefit from the supply. The local government, however, aims to supply power up to 70% of the population by 2030, while figuring out various ways to meet recently growing demand for electricity including installing new equipment, improving existing facilities, and setting up business strategies. As a result, the country is expected to be a rapidly growing market.

KOSPO will do its best to secure sources of electricity through developing hydropower and small hydropower on the basis of the future business prospect of its partner country, while Papua New Guinea’s Department of Works will support approval for the project proposed by KOSPO.

Meanwhile, KOSPO is now fast to develop projects under the goal of “building 100 small hydropower plants” and the projects are expected to gather momentum from the signing of the MOU.