Streamlined procedures urged for investment approval and project implementation

KATHMANDU: The Investment Board Nepal (IBN) has given its green light to a significant investment totaling Rs 36.37 billion, distributed among four distinct hydropower undertakings.

The decision was reached during the 55th gathering of the IBN held on Friday. The approved investments will be directed towards the development of hydropower projects located on the Rolwaling River, Chujung River, Dana River, and Saniveri.

The meeting, which took place at the IBN’s main office, resulted in the formation of a high-level committee. This committee has been assigned the task of evaluating the progress made thus far in the implementation of the Tamor Reservoir Hydropower Project. The outcomes of this evaluation will guide the future course of action for the project.

In addition to this, the meeting also granted a study permit to Delma Himalayan Energy. This permit will facilitate an extensive evaluation of solar energy initiatives encompassing a solar capacity of 245 MW and a battery capacity of 20 MW. These projects are situated in the Rajpur rural municipality within the Dang district.

Furthermore, the IBN acknowledged the comprehensive feasibility study report submitted by Risen Energy Ltd. This company is responsible for the 250 MW solar energy projects located in Kohalpur of Banke and Banganga in Kapilvastu.

A noteworthy decision taken by the IBN is to recommend the implementation of a directive issued by the Supreme Court concerning the Upper Karnali Hydropower Project. This decision will be proposed to the cabinet for execution.

Prime Minister Pushpa Kamal Dahal, in recognizing the pivotal outcomes of the meeting, stressed the importance of conducting thorough cost assessments for future hydropower ventures to ensure their financial viability.

He emphasized the need for enhanced coordination to ensure the timely completion of ongoing projects. Additionally, the Prime Minister urged for streamlined procedures for investment approval and project execution. He directed all relevant entities to maintain a focus on delivering tangible and impactful results.