IFC invests $3 million in Upper Trishuli-1 project



    International Finance CorporationThe International Finance Corporation, the private sector investment arm of the World Bank, has injected US$3 million in 216MW Upper Trishuli-1 hydroelectric project to become 15 per cent equity partner in it.

    This is the first time the IFC is participating as an equity partner in the development of hydroelectric project in Nepal, according to Nepal Water and Energy Development Company (NWEDC), the developer of the 216MW project.

    “IFC’s investment will be used to expedite works related to completion of the hydro project,” NWEDC said in a statement issued today. The project is expected to be complete by 2019.

    So far, NWEDC, which is 75 per cent owned by South Korean companies, has acquired all private land required to build the project and has also leased government land. “Acquisition process of required Guthi land has also commenced, while approval has been obtained to cut down trees in the leased government land,” NWEDC said.

    At the same time, construction of camps at the project site and bridge across the Mailung River has already started, while application has been filed to procure and use necessary explosive materials.

    “Similarly, infrastructure for the physical hydraulic model test of the head-work facilities, including weir, spillway, intake and descanting facilities has been constructed and tests have been conducted in the presence of designers and international experts,” NWEDC said. “An explosive string bunker will also be constructed very soon within the premises of the Nepal Army Training Centre in Trishuli Bazaar.”

    Concurrently, efforts are also being made to conclude power purchase agreement, project development agreement and commence main construction work at the project site, NWEDC added.

    The project is 75 per cent owned by K-Consortium, a grouping of three Korean companies, Korea South East Power Company, Daelim Industrial Company and Kyeryong Construction Industrial Company. Nepali investors own 10 per cent stake in the project.

    Source : The Himalayan Times