January 20: The Investment Board Nepal (IBN) has signed a tripartite agreement with a Chinese company and the local promoter for preparing the Detailed Project Report (DPR) of the reservoir-based Tamor Sorage Hydroelectric Project.
IMB signed the Memorandum of Understanding (MoU) with Power China and Hydro Electricity Investment and Development Company Limited (HEIDCL) in this regard on Sunday (January 19).
Chief Executive Office of IBN Maha Prasad Adhikari, HEIDCL CEO Chhabi Raj Pokhrel and Power China's vice chair Pan Deng-Yu signed the MoU for developing the 756-megawatt project dubbed as the “gem of the east”.
As per the agreement, the DPR must be prepared within the two years of acquiring the survey license. Stakeholders said it will take at least six months to acquire the license.
Power China and HEIDCL had agreed to undertake this project with joint investment following the visit of Chinese President Xi Jinping to Nepal some months ago.