IBN approves Rs. 36 billion investment in four hydel projects

Kathmandu, Aug. 25

The Investment Board of Nepal (IBN) has approved Rs. 36.37 billion investment in four hydroelectricity projects on Friday.

A meeting of the Board chaired by Prime Minister and Chairman of the IBN Pushpa Kamal Dahal 'Prachand', approved the investments in Rolwaling Khola Hydroelectricity Project (22 MW), Chhujung Khola HEP (63 MW), Dana Khola HEP (49.95 MW) and Sani Bheri HEP (44.52 MW).

The meeting has also decided to form a high-level committee to review the progress made in terms of the implementation of the Tamor Reservoir Hydropower Project and submit suggestions regarding the future direction of the project. The decision is made to advance the project to the implementation, the IBN informed in a statement.

Likewise, the meeting decided to form a negotiation committee under the coordination of the Chief Executive Officer of the IBN to negotiate with the developer regarding the China-Nepal Friendship Industrial Park in Damak and prepare the final draft of the Project Development Agreement (PDA).

It has decided to give a study permit to Dolma Himalayan Energy for the study of a solar energy project with battery capacity of 245 MW and 20 MW in Rajpur Rural Municipality of Dang district.

Meanwhile, the Baord has taken note of the detailed feasibility study report submitted by Risen Energy Co., the developer 250 MW of solar energy in Kohalpur of Banke and Banganga in Kapilvastu district.

According to the IBN, the meeting has decided to submit a proposal to the Council of Ministers for the implementation of the directive issued by the Supreme Court regarding the Upper Karnali Hydroelectricity Project. The court has recently issued an order not to extend the deadline of financial closure of the project anymore.

In addition, the board meeting approved the draft of agreement to be signed with reNIKOLA Sdn. Bhd. of Malaysia for the establishment of Green Calcium Ammonium Nitrate (CAN) Fertilizer Factory in Nepal.

Speaking at the meeting, Prime Minister Prachanda directed all concerned agencies to make the necessary coordination to complete the projects on time and shorten the procedures related to investment approval and project implementation.

Published in The Rising Nepal daily on 26 August 2023.