November 17: Nepal Electricity Authority (NEA) and China Three Gorges Corporation (CTGC) signed a joint venture agreement for the West Seti Hydropower Project.

Kulman Ghising, executive director at NEA, and representative from CTGC signed the agreement on Thursday, November 17.

“The agreement to jointly invest and establish a company has been done after 10 months of preliminary agreement,” said Prabal Adhikari, spokesperson of NEA.

According to the agreement, Three Gorges and NEA will have 75 and 25 percent investment respectively in the project. The technical team of the company has already studied the geological aspects of the project. The project will impact places like Doti, Baitadi, Bajhang and Dadeldura. Locals of the areas have been waiting for the project to start because of which they have not been able to complete general development works in their localities.

The estimated cost of the project is Rs 160 billion. If the NEA fails to collect 25 percent of amount for the project, the state-owned utility can take loan from Ex-Im Bank of China.