GMR expresses commitment to complete power sale deal within the deadline

KATHMANDU: GMR Upper Karnali Hydropower Limited, which is developing the Upper Karnali Hydropower Project, has expressed its commitment to conclude the financial closure (FC) and power sale agreement (PSA) within the approved timeline given by the government of Nepal.

The Cabinet meeting had recently decided to give the Indian company, GMR Group, two years to generate funds for the ambitious 900 MW Upper Karnali Hydropower Project.

Earlier, the 51st meeting of the Investment Board Nepal (IBN) held on June 6 under the chairmanship of Prime Minister Sher Bahadur Deuba, had recommended to the Cabinet of Ministers of Nepal that it extend the deadline under a condition that the developer of the Upper Karnali Hydropower Project, GMR, completes the financial management within 24 months.

Based on the recommendation, the meeting of the Council of Ministers held on July 15 decided to extend the deadline by two years.