Kathmandu, Jan 15: Foreign investment of approximately Rs 20 billion has been mobilized for the Langtang-Bhotekoshi Hydroelectricity Project based in Rasuwa.
The under-construction project has a total capacity of generating 120 megawatts power.
Foreign investment equivalent to Rs 19 billion and 857 million has been brought for the project from the Bank of China of the People’s Republic of China, said Nepali Congress leader and lawmaker Deepak Khadka, who is one of the promoters of this project. The total cost of the project is equivalent to Rs 24 billion 954 million and 473 thousand.
The promoters have invested Rs 5 billion 97 million and 473 thousand. This investment has already been brought as self-capital with the approval from the Nepal Rastra Bank, it is said. Rs 19 billion and 857 million has been brought from Bank of China as loan.
Lawmaker Khadka said the entire financing of the project has been managed. The Department of Electricity Development had given until February 14 for managing the investment for the project.
Chinese company has 90 percent and the Nepali side 10 percent investment in the project. The Langtang-Bhotekoshi Hydroelectricity Project, the promoter company and the Export Import Bank of China, Sichuan branch had signed an agreement on January 7, 2023 regarding bringing in the investment for the project.
The project forwarded at lawmaker Khadka’s initiation is being constructed by the Chinese construction company – Sichuan Huwafei Energy Investment Company Limited.
The foundation of the project was aid in January 2020 and construction works are in progress at resent.
Projects with the capacity of producing a total 584 megawatts power are at various stages of construction in Rasuwa district. (RSS)