August 19: The Investment Board Nepal has signed an agreement with an Indian company, NHPC, for the feasibility study of the 750 MW West Seti and 450 MW Seti River-6 hydropower projects.
Chief Executive Officer of the Investment Board Nepal Sushil Bhatt, and AK Singh, CMD of the Indian company NHPC signed the Memorandum of Understanding on Thursday in the presence of Prime Minister Sher Bahadur Deuba.
Finance Minister Janardhan Sharma, Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu, Minister for Forest and Environment Pradeep Yadav, Chief Minister of Sudurpaschim Province Trilochan Bhatt among others were also present during the programme.
As per the agreement, the Indian company will have to file an application seeking license for survey of West Seti Hydropower Project within 45 after signing the MoU and that of Seti River-6 within 6 months.
The company will have to prepare the Detailed Project Report within two years after acquiring the survey license.
During Thursday’s signing ceremony, the Investment Board and the Indian company also published their respective white papers that included the background, electricity production capacity, transmission and availability of electricity market among other issues.
The MoU also highlights past efforts to develop the project, project development modality and the latest development in the project.
Addressing the signing ceremony, Prime Minister Sher Bahadur Deuba urged the concerned agencies to complete the project on time, which has been in discussion for 40 years. He also expressed his belief that the hydropower projects would contribute significantly to the socio-economic development of Sudur Paschim Province.
Prime Minister Deuba also assured to extend all kinds of support from the government for the project development as it is making maximum efforts to create an investment-friendly environment in the country.