IBN gives nod for study on 550 MW solar energy project

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KATHMANDU, June 4: The Investment Board of Nepal has given nod for a feasibility study to set up solar energy projects in all seven provinces of the country with combined capacity of 550 MW.

According to a decision of the board meeting of the IBN held on Monday, the feasibility study of the project worth Rs 48.24 billion will be carried out by the Philippines-based Greenergy Solutions Inc.

Maha Prasad Adhikari, CEO of the IBN, told Republica that the board decided to give go ahead for the feasibility study based on the proposal of the Filipino firm.

“In its preliminary proposal, the company has stated that solar energy projects with capacity ranging from 50 to 100 megawatts can be developed in all provinces. We have granted them permission for the study based on their proposal,” said Adhikari. “However, the exact locations for the project have not been fixed. More details will emerge after we get feasibility study report from the company.”

The solar energy project was the project proposed by Greenergy Solutions Inc during the Nepal Investment Summit held in Kathmandu in March.

Along with this investment project, the IBN has also granted permission for feasibility study of two other projects. Flash Freight Logistics has also got the go-ahead from the IBN to conduct feasibility study for building private freight terminal and bulk handling facilities in Birgunj and Bhairahawa. The project is estimated to cost Rs 6.51 billion.

Similarly, Silk Road International Holding Co Ltd has also been permitted to conduct a study for building and operating World Buddhist Exhibition Park in Lumbini. While the IBN has not disclosed the value of this project, the firm has stated that there will be no financial liability to the government.

“These were unsolicited investment proposals that we received during the investment summit. They have submitted their proposals on time and we have made decisions accordingly,” said Adhikari. “We will gradually grant permission for other projects once they come up with proposals.”

The IBN has received a total of 47 proposals for 30 projects in the investment summit.

 

Source : Republica