Locals invest Rs. 100 million in Ghalemdi hydel project

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    Ghalemdi Hydro PowerBeni, Myagdi, Aug. 14: Local people of Myagdi district alone have invested Rs.100 million in founding shares in the four-mw Ghalemdi Khola Hydro Power Project which is under construction in Narchyang VDC of the district.

    Preparations are on to issue ordinary shares worth Rs. 50 million for the Ghalemdi Hydro Ltd. Company Chairman Kishor Subedi said entrepreneurs of Bhaktapur Chambers are to invest Rs. 30 million and Syangja businessmen Hemraj Subedi, Krishna Gurung and team will invest Rs. 20 million.

    Attraction of investors is increasing in the hydel being constructed by the locals.

    Bank loans will be finalized this week and works are expedited, said Ghalemdi Managing Director Pramod Shrestha. People of Myagdi in foreign countries for employment and business are also collecting investment.

    Various banks and financial institutions will invest Rs. 450 million. The project has license for generating power in three years.

    Shares worth Rs. 10,000 to Rs. 10 million has been called in co-work with the CMAT Power Development Pvt. Ltd. of Kathmandu.

    The project is to cost Rs.  600 million and will be constructed at the Nilgiri river banks by bringing water through a 1,500 m tunnel from Ghalemdi khola and Nilgiri confluence.

    The Nepal Electricity Authority (NEA) will buy power valued at Rs. 130 million at the rate of Rs. 4.80 per unit in summer and Rs. 8.40 in winter.

    Source : The Rising Nepal