"We have already contracted it out, we have just recently paid out K380,000 to the contractor and they have told us that it will cost us about K3 million to build a hydro power station," Tomuriesa said.
"That will bring in somewhere between 4.5MW to 6MW of power."
He said six megawatts was more than enough for the island and could easily supply a large urban setting, writes Peter Esila for The National newspaper.
Meanwhile, Tomuriesa said four sawmills were in Alotau and would be distributed to communities.
He said the sawmills would be used to cut timber to build houses in preparation for the completion of the hydropower station.
"It is not easy to get money from the government so when you see power poles, classrooms and airports coming up, look after them."
He said the developments would provide opportunities for businesses in Vivigani to grow.
Goodenough Island has about 30,000 cocoa trees.
"Just two weeks ago, a boat came and loaded 100 bags of cocoa and took them to Alotau, that is more than 25 tonnes of cocoa, that brought an estimated K102,000 into the economy of Goodenough Island.
"Organic cocoa is what the world wants, it is what the market wants," Tomuriesa said. He added that nine cocoa fermentaries had been established on Goodenough Island with another eight set to be built.