International Finance Corporation (IFC), for the first time, is participating
as an equity partner in a hydroelectric project in Nepal and has become 15 per
cent equity partner in Upper Trishuli-1 hydroelectric project.
The private sector lending arm of the World Bank (WB) Group has invested
$3 million in the 216MW hydropower project, informed the developer of the hydel
project Nepal Water and Energy Development Company.
According to
the statement of the developer, it is going to use the money to expedite works
related to completion of the hydro project. "The project is expected to be
complete by 2019," said the developer that is owned 75 per cent by K-Consortium;
a group of three Korean companies including Korea South East Power Company,
Daelim Industrial Company and Kyeryong Construction Industrial Company.
Nepali
investors own remaining 10 per cent stake in the hydel project.
The
developer has already acquired all private land required to construction of the
project and has also leased government land.
However, it still has to
enter into Project Development Agreement (PDA), Power Purchase Agreement (PPA) and
start main construction work at the project site.
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