China's largest overseas hydropower project.

The Argentina Department of Energy and China Gezhouba Group recently confirmed that the Nestor Kirchner-Jorge Cepernic Hydropower Project in Argentina, on which work was previously suspended due to regime changes, is expected to resume in September of this year, according to a Xinhua News Agency report. 

On April 27, the consortium formed by China Gezhouba Group and local Argentinean companies formally signed the meeting minutes. Both sides promised to finish making changes to the contract within 60 days of signing the minutes. 

The Nestor Kirchner-Jorge Cepernic Hydropower Project is the largest hydropower project undertaken by a Chinese enterprise in a foreign country. It has a total investment of 4.7 billion yuan, 85 percent of which is credit provided by Chinese banks. 

Late last year, the new Argentina government decided to reconsider the contract and stopped payment on the loans after coming to power, forcing the majority of construction work to come to a halt. 

Machinery at the construction site.

The Nestor Kirchner-Jorge Cepernic Hydropower Project is an important project for both China and Argentina. Upon completion, it is expected to act as a catalyst for Argentina's economic and social development. It will also allow Argentina to increase its electricity exportation to neighboring countries, many of which are plagued by power shortages.

The Argentine government and the Chinese consortium signed the original project contract in October 2013, and the financing agreement in July 2014. The project was started in February of last year.