IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects   

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IBN Approves Investment Commitment of Rs 99.20 Billion for Four Energy Projects   

April 5: The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects.    
The 57th meeting of the Board held on Thursday under the chairmanship of Prime Minister Pushpa Kamal Dahal took a decision to this effect.    
Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Kohalpur and Banganga Solar Plant undertaken by Risen Energy Singapore (Rs 21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion).    
According to the Board, the Solar Plant Project and the Lower Manang Marsyangdi Hydro Electricity Project are foreign investment projects.    
Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the Huaxin Cement Narayani Project, the bsoard spokesperson Pradyumna Prasad Upadhyay told the state-owned RSS.      
The meeting constituted a talks team under the leadership of the Board's Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29.    
Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting’s decision.    
Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The board endorses the reclaim of around Rs 620 million from the sale of the shares.    
The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory.    
It also decided to extend the term of committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport for project development and study regarding investment model till the end of the current fiscal year.    
Spokesperson Upadhyay said the board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company.    
The board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project.    
Similarly, a report submitted by a committee formed to prepare the amendment draft of the Public Private Partnership and Investment Act, 2075 has been presented in the board.    
The meeting also directed to initiate agreement process with NepWaste Pvt Ltd to forward the Integrated Waste Management Project (Package-1) of the Kathmandu Valley. -- RSS   


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