Bhawan Bhatta's company BB Holding signed the MoU for the Tamakoshi-3 project

Kathmandu: BG Titan Group, a global infrastructure institution, has announced the signing of a Memorandum of Understanding (MoU) with BB Holding for the development of the 650 MW Tamakoshi-3 Hydropower Project in the Dolakha district.

The Tamakoshi-3 located in the downstream from the 456 MW Upper Tamakoshi project (national pride project), is a run-of-river (ROR) hydropower plant. It is expected to generate approximately 2,431.76 GWh of clean, renewable energy annually.

According to BG Titan Group, the Tamakoshi-3 project will not only boost the local economy by creating jobs and improving infrastructure but will also set a precedent for future green projects in the region. The company is actively seeking optimal financing and engineering, procurement, and construction (EPC) partners for the project.

The project, initially held by the Brazilian company Brass Power, was later licensed to BB Holding, owned by Bhawan Bhata, former Chairman of the Non-Resident Nepalese Association (NRNA). Bhata has held the project for over six years, aiming to achieve financial closure but significant progress has yet to be made.

The project has been in development for a long time. In 2016, Statkraft, a Norwegian company, withdrew from the project after having reached an agreement with the Nepalese government in 2007 to build the US$1.5 billion plant. Statkraft had already completed feasibility studies as well as environmental and social impact assessments before pulling out.