First Business News Portal in English from Nepal
KATHMANDU: Approximately Rs 20 billion in foreign investment has been mobilized for the Langtang-Bhotekoshi Hydroelectricity Project based in Rasuwa. The under-construction project has a total capacity of generating 120 megawatts of power.
Foreign investment equivalent to Rs 19 billion and 857 million has been brought in for the project from the Bank of China of the People’s Republic of China, said Nepali Congress leader and lawmaker Deepak Khadka, who is one of the promoters of this project. The total cost of the project is equivalent to Rs 24 billion 954 million and 473 thousand.
The promoters have invested Rs 5 billion 97 million and 473 thousand. The amount has been injected as equity while the project has taken a loan of Rs 19 billion and 857 million from the Bank of China.
Lawmaker Khadka said the entire financing of the project has been managed. The Department of Electricity Development had given until February 14 to manage the investment for the project.
The Chinese company has 90 percent and the Nepali side 10 percent investment in the project. The Langtang-Bhotekoshi Hydroelectric Project, the promoter company and the Export Import Bank of China, Sichuan branch, had signed an agreement on January 7, 2023 regarding bringing in the investment needed for the project.
The project moved forward at lawmaker Khadka’s initiatives and is being constructed by the Chinese construction company – Sichuan Hua Fei Energy Investment Company Limited.
The foundation of the project was laid in January 2020 and construction works are in progress at present.
Hydropower projects with the capacity of producing a total 584 megawatts of power are at various stages of construction in Rasuwa district. RSS
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