IBN's Decision: 100 Billion NPR Investment Approved for 597 MW Hydropower Projects

Kathmandu: The Investment Board Nepal (IBN) has approved an investment of approximately 100 billion NPR for 597.20 MW hydropower projects. The IBN meeting held on Wednesday, chaired by Prime Minister Pushpa Kamal Dahal, approved this investment.

The meeting also approved an investment of 21.10 billion NPR for a 250 MW solar power project proposed by Risen Energy of Singapore to be constructed in Kohalpur and Banganga. Additionally, foreign investment of 33.41 billion NPR has been approved for a 139.2 MW Lower Manang Marsyangdi hydro project.

The Lower Manang Marsyangdi project involves investment from several Chinese companies including Sichuan Provincial Investment Group, Chengdu Xincheng Investment Group, and Kunming Yuan Engineering Consulting. Chinese companies collectively own an 80% share in this project. The project is a peaking run-of-the-river (PROR) scheme located within the Annapurna Conservation Area of the Gandaki Province.

A committee has been formed under the chairmanship of Sushil Bhatta, the Chief Executive Officer of the IBN Board, to hold discussions with developers regarding the Project Development Agreement (PDA) for the 250 MW solar project in Kohalpur and Banganga, and the 327 MW Upper Marsyangdi-2 hydro project. This committee will engage in negotiations with developers to finalize the PDAs for these projects.

The meeting also approved an investment of 34.59 billion NPR for the 166 MW Upper Tamor and 10.08 billion NPR for the 42 MW Upper Modi 'A'. Additionally, the board has formed a task force under the coordination of the Secretary of the IBN to study and present a proposal within 15 days regarding an additional investment of 6.63 billion NPR for the Chinese investment in the Huaxin Narayani Cement project.

The meeting has decided to approve investment refunds based on the Share Purchase Agreement (SPA) for the Dang Cement Project. Furthermore, the board has decided to extend the deadline for the committees established to study the Tamor Reservoir Project and the Feasibility Study and Investment Framework for the Nijgadh International Airport until mid-June 2024.

Likewise, the IBN Board has directed to expedite the process for Kathmandu Upatyaka's Integrated Solid Waste Management Project Package-1 by coordinating with relevant local authorities for mutual understanding, as well as advancing the process for the Project Development Agreement (PDA) with Nepwaste Pvt. Ltd.