The development of more hydro power schemes in Papua New Guinea is years away and buyers are needed if they are be financially viable.
The latest international company to sign an MOU to explore hydro is Australia’s Fortescue Metals (FMG), owned by billionaire Twiggy Forest.
“After extensive investigations of Papua New Guinea’s rivers and water resources, Fortescue has determined that there is great potential to generate sustainable energy for a series of environmentally friendly industries,” State Enterprises Minister, Sasindran Muthuvel said at the signing.
“This is more than just a hydroelectric power scheme. This is enabling our country to become partners in the development of carbon neutral industries that provide lots of employment, lots of investment opportunities and growth across the country, in industries that are normally built in countries like Australia and China.”
Get the full story in this month’s Islands Business