First Business News Portal in English from Nepal
KATHMANDU: The Office of Investment Board of Nepal (OIBN) has approved investment worth Rs 97 billion in two new hydropower projects.
The 47th board meeting of OIBN today, led by Prime Minister KP Oli, approved investment worth the given amount for 762 MW Tamor Storage Hydroelectricity Project and 139.2 MW Manang-Marsyangdi Hydropower Project.
The Tamor Storage Project will be constructed by Power Construction Corporation of China (Power China) while the Manang-Marsyangdi Hydropower Project will be constructed by a joint venture of three Chinese companies — SCIG International Limited, Xinchen International Investment and QYEC International — and Butwal Power Company Limited of Nepal.
Earlier, the OIBN and Power Construction Corporation of China had reached agreement to construct a reservoir-based project in Tamor River.
It was during Chinese President Xi Jinping’s visit to Nepal in 2019 that the OIBN and the government had awarded Power China the contract to build the project under PPP modality.
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