Investment Board Nepal approves two hydro projects worth nearly Rs 97bln

The Investment Board Nepal (IBN) has approved two hydropower projects worth nearly Rs 97 billion. The 47th meeting of the board that was held today under the chair of Prime Minister KP Sharma Oli, who is also the chairperson of IBN, took a decision to this effect.

The meeting that was held in the prime minister’s residence in Baluwatar has approved the Upper Tamor Hydropower Project worth $ 540 million and the Lower Manang Marshyangdi Hydropower Project worth over Rs 33.41 billion. The Tamor project has the capacity to generate 285 megawatts of power while the Manang Marshyangdi in a 139.2-megawatt project.

The meeting has also approved the Detailed Project Report of the China-Nepal Friendship Industrial Park in Damak and asked the office of the investment board to make necessary preparations to sign the Project Development Agreement with the developer. The proposed industrial park in Damak will be the biggest such industrial facility in Nepal once it is completed.

The IBN has also approved the draft of the memorandum of understanding that needs to be signed with SJVN Limited India to allow the company to conduct a survey of the site for a detailed survey report for the construction of the Lower Arun Hydropower Project (679 megawatts) in Sankhuwasabha.

Meanwhile, the board has also asked the Ministry of Energy, Water Resources and Irrigation to make necessary legal amendments to the letter giving permission to conduct a survey for the construction of the Tamor Reservoir Hydropower Project with the capacity to generate 756 megawatts of electricity.

The meeting has also formed a committee under the chair of the vice-chairperson of the National Planning Commission to conduct a study to prepare a draft for the development of the West Seti and SR6 Joint Storage Hydroelectric Project. The committee has also been tasked with ascertaining the investment needed and investment modality of the project.

Similarly, the meeting has also directed the office of the investment board to move ahead with necessary procedures required to compensate the locals for the land that has been occupied to build the access road of Arun III Hydropower Project.