US firm signs agreement for power project

International company, Conduit Power Corporation, has signed an agreement with Morobe government in Lae over the weekend to start feasibility studies on the construction of Mongi hydro-electric project in Finschhafen.
The K600 million-worth Mongi hydro project, to be in built in Hube local level government, had been discussed but overlooked by the previous government.
Tycoon hydro developer and investor John Kuhns from New York, United States, first indicated his interest to develop the project in 2018.
The initial understanding with project manager Jimmy Songo was to set up a hydro power farming concept in the three main tributaries of the Buresong, Mongi, Kuat and Burum rivers to supplement the Ramu Power grid.
The concept had been revisited that resulted in agreement signed between the provincial government, the landowners and the developer who aimed to self-finance the project.
Project manager James Songo said the landowners of Mongi hydro project were happy to receive it as they had been waiting for years.
“We all want this project to get off the ground as soon as possible,” he said.