People’s Hydro to bring in Rs 9 billion in FDI from China
Kathmandu, March 25 (RSS): The People’s Hydro Limited is bringing in Rs 9 billion in foreign direct investment (FDI) from China for the development of hydropower project.
Organizing a news conference, the company said that the FDI from China’s Chongqing Water Turbine Works (CWTW) would be brought in for the development of Khimti-II hydropower project of 48.80 megawatt.
The total cost of the project is estimated Rs 10 billion. Rest of the capital would be managed by the promoters of the People’s Hydropower Project and the project would be completed in four years. The Chinese company would invest on engineering, procurement, construction and financing (EPCF) modality.
Executive Chairman of the People’s Hydro Krishna Prasad Acharya said an agreement has been with the Chinese company to let it take its investment within 700 days of project completion.
The project would be based at Jirikhimti of Dolakha and Ramechhap district. This would be the first of its project to be developed under EPCF modality in the country. As per the information shared in the press meet, construction works of the project would begin from the 3rd week of April 2018 and the project is estimated to generate power in three years.
