The hydropower station was constructed on the Lua Sim River in Lunda-Norte Province in 1970, which is 3km northwest of the city center of Dundo.
CGGC plans to complete the project in 37 months, which is currently in very poor condition and out of operation.
As part of the deal, China Gezhouba will repair the existing hydropower equipment, and will replace the existing channel with a new feeder canal.
CGGC will also construct a new power house with an installed capacity of 48.5MW and a new 10/60kV transformer substation.
China Gezhouba had completed the Cabinda steel trestle pier project in Angola, earlier than the present project.