GMR Energy
Ltd – the energy arm of the GMR Group of India – today signed a Joint
Development Agreement (JDA) with the International Finance Corporation (IFC) –
a member of the World Bank Group – to jointly develop the prestigious Upper
Marsyangdi-2 hydropower project (600 MW) in Nepal.
The 600 MW
Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang
and Lamjung districts, which is already in an advanced stage of development.
"We are
pleased to have IFC as our partners in the Upper Marsyangdi-2 Hydropower
project," chairman of Energy Business GBS Raju said, after signing the
agreement.
Raju and
chief executive -Hydro business of GMR Group G Subba Rao graced the signing
ceremony today.
"Apart
from investing in the company, IFC will also bring its vast experience in
financing similar large and complex Infrastructure Projects, which will add
value to the Project," her said, adding that they believe that with the
continuous support of IBN, both GMR and IFC shall be able to implement this project
in an accelerated manner.
IFC
Infrastructure Director for Asia Anita George, on the occasion said that Nepali
citizens and industry face severe electricity shortages. "The development
of hydropower is a sustainable and responsible way to address this need while
creating jobs and other benefits for the community," she added.
"Nepal
is pleased at the induction of an Institution like IFC in the Upper Marsyangdi-2
Project and we are hopeful that GMR and IFC teams shall be able to give Nepal
the much needed impetus to large scale hydropower development through
development of this project in a world class manner," Speaking on the
occasion, chief executive of Investment Board of Nepal Radhesh Pant said.
The project
aims at a total investment of around $1 billion and is targeted for
commissioning by fiscal year 2021.
The Project
is being currently undertaken through a Nepali subsidiary of GMR Energy Ltd, Himtal
Hydropower Company.
The
government has identified the proposed Upper Marsyangdi-II as one of the national
priority projects and is being facilitated by the Investment Board of Nepal.
The project
has completed all survey and investigation works, finalised the feasibility studies
and has already received majority of the clearances from government. The
Project Development Agreement (PDA) is expected to be signed early next year.
IFC in Nepal
is committed to strengthening private sector growth, promoting a supportive
regulatory framework, boosting investment, particularly in infrastructure and
financial sector, and creating more jobs in the country.
GMR Group – an infrastructure
major, with interests in energy, airports and highways sectors in India and worldwide
– is a Bangalore (India) headquartered global infrastructure major with
interests in airports, energy, highways and urban infrastructure sectors. It
has successfully employed the public-private partnership (PPP) model to build a
portfolio of high quality assets. The Group has 15 power generation assets of
which eight are operational and seven are under various stages of development
and eight road assets, of which seven are operational and one is under
construction.
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