Lower Modikhola to issue 10 pc shares to locals


    The under-construction lower Modikhola Hydropower Project in Parbat district has announced to issue 10 per cent shares for the locals. The project has a capacity of generating 20 megawatt of electricity.

    The project has decided to issue 10 per cent shares for the people of five villages affected by the project and give them an investment opportunity, said Project Executive Director Gyanedra Lal Pradhan. The Manang Trade Link, a private company, has got the contract of constructing the project.

    The project has planned to issue the shares after two months, said Pradhan and added that the percentage of shares could be increased to 15 per cent.

    The project took this decision thinking to make the locals feel their ownership on the project and narrow down a gap between the two sides, according to Pradhan. An agreement to this end has already been signed with the locals and an approval from the bank which has made investment in the project is awaited, it is learnt.

    Executive Director Pradhan said that the people of Chuwa, Bajung, Durlung, Tilhar and Deupur VDCs, the most affected villages, are the first claimants for shares.

    Besides, the project has been thinking to provide soft bank loan to the locals for making investment in the project, he added. The project is expected to be completed by 2072 BS. The construction cost of the project is estimated to stand at Rs. 3.60 billion.

    Kumud Dugar of KL Dugar Group, Pashupati Murarka of Murarka Organisation, Nanda Kishor Mundara and Gyanedra Lal Pradhan of Hydro Solution have made an investment in the project.

    Similarly, different 11 banks including the Nepal Investment Bank have committed to invest in the project. The project has already signed a Power Purchase Agreement with the Nepal Electricity Authority.

    Source : RSS