IBN greenlights Rs 99.20 billion investment for four energy ventures « Khabarhub
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IBN greenlights Rs 99.20 billion investment for four energy ventures


04 April 2024  

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KATHMANDU: The Investment Board Nepal (IBN) has given the green signal for investment commitments totaling Rs 99.20 billion across four energy projects.

During the 57th Board meeting chaired by Prime Minister Pushpa Kamal Dahal ‘Prachanda’, these decisions were finalized.

The approved projects and their respective investment commitments are as follows: the 166-megawatt Super Tamor Project (Rs 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs 10.08 billion), the 250-megawatt Solar Plant Kohalpur and Banganga (Risen Energy Singapore-Rs 21.10 billion), and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion).

IBN confirmed that the Solar Plant Project and the Lower Manang Marsyangdi project involve foreign investments.

Additionally, the meeting agreed to an extra investment of Rs 6.63 billion for the HuaXin Cement Narayani Project, according to IBN Spokesperson Pradyumna Prasad Upadhyay.

A negotiation team, chaired by the Board’s Chief Executive Officer, has been formed to finalize Project Development Agreements (PDAs) for the Upper Marsyangdi and Solar Plant projects.

Upadhyay mentioned that these PDAs are expected to be signed during the forthcoming Nepal Investment Summit, scheduled for April 28-29.

Furthermore, the meeting extended the survey license deadline for the Solar Plant (Kohalpur and Banganga) until the end of the current fiscal year (July 15).

Other decisions included approving the share purchase agreement of the Dang Cement Plant, endorsing the reclamation of around Rs 620 million from share sales, and granting permission to Malaysian company ReNIKOLA to submit a bank guarantee for a chemical fertilizer factory establishment study permit.

The term of the committee studying the Tamor Reservoir Hydropower Project and the one drafting the Nijgadh International Airport’s investment model was extended until the end of the fiscal year.

Additionally, the Board discussed the formation of a committee to study price adjustments concerning SJVN Arun-III Power Development Company.

The decision was made for IBN to act as a security trustee for co-financed investments, and a report on amending the Public-Private Partnership and Investment Act, 2075, was presented during the meeting.

Lastly, the meeting directed to commence the agreement process with NepWaste Pvt. Ltd to move forward with the Integrated Waste Management Project (Package-1) of Kathmandu Valley.

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Publish Date : 04 April 2024 21:24 PM

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