KATHMANDU: Chinese investment is flowing in one after the other in the energy sector in Nepal in recent days. In this connection, a meeting of the Investment Promotion Board (IPB) under the Department of Industries has recently given approval to a Chinese company to bring in investment of Rs 14 billion in a hydropower project to be constructed in Parbatikunda rural municipality in Rasuwa district.
The Chinese company is bringing in investment in collaboration with a Nepali promoter. Salasungi Power is to construct the 78 Megawatts capacity project. The powerhouse of this project will be constructed about 500 metres above the Sanjen Hydropower Project site. The Sanjen hydropower project is being constructed by the Sanjen Hydropower Company Limited, a subsidiary company of Nepal Electricity Authority.
Salasungi Power Company Ltd had acquired permission for the construction of this 78-Megawatts capacity hydropower project three years back.
The Nepali investor will have eight per cent investment while the Chinese investor, China Harbour Engineering will have 92 per cent investment in the hydropower project with a total investment of 15 billion 227 million rupees. The promoter of the project Salasungi Power has conducted all study regarding the project.
According to the project, construction of the 48.8 megawatts project has started at the border of Dolakha and Ramechhap with Chinese investment of Rs 9 billion.
Infrastructure development and construction of a road that leads to the project and a bridge is underway. Chinese Chongqing Water Turbine Works Co. Ltd has undertaken physical infrastructure works. The contract was signed on March 14.
Investment of Super Madi approved
The Ministry of Industry has granted permission to bring in foreign investment of Rs 8.09 billion in the Super Madi Hydropower Project located at Madi rural municipality of Kaski. The Himal Hydro is going to construct the 44 MW-project.
Information Officer of Department of Industry, Durga Prasad Bhusal, said that the trend of bringing the foreign investment in hydropower project has increased in recent period. He said, “The Department gives permission to all the foreign investment brought completing all process.” Investment equivalent to Rs 150.79 billion has been brought in towards hydropower sector till the date of current fiscal year.
According to the Department, some 1,608 people would get employment if the investment is brought as per the commitment.
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Written by Prabin Bikram Katwal
This news first appeared on https://thehimalayantimes.com/business/ipb-gives-approval-to-chinese-company-to-invest-rs-14-billion-in-super-sanjen/ under the title “IPB gives approval to Chinese company to invest Rs 14 billion in Super Sanjen”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.