October 10, 2021 | Investopaper
The meeting of Investment Board Nepal has decided to approve investment of Rs. 72.76 billion for the two hydropower projects. The 48th meeting of the Investment Board chaired by Prime Minister Sher Bahadur Deuba on Saturday decided to allow investment in Jumkhola Hydropower and increase in capital of Arun III Hydropower Project.
Jumkhola hydropower project is a 56 MW project under construction in Dolakha district with an investment of Rs 10.5 billion. Similarly, Arun-3 hydropower project is a 900 MW currently under construction in Sankhuwasabha district with an investment of Rs 62.26 billion.
The meeting also decided to study the 900 MW Upper Karnali Hydropower Project and submit a report with recommendations to the Board within 45 days. GMR, the promoter of the Upper Karnali Hydropower Project, has applied for an extension of financial management, so a committee has been formed to study the matter.
GMR stated that it was in the final stages of a power purchase agreement (PPA) to sell electricity to Bangladesh via India. Although Bangladesh has agreed to purchase electricity from Upper Karnali, an agreement is yet to be reached between the three countries.