UK-based OPG power keen to invest in Nepal hydropower

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    opgA Britain company, which has already taken up middle sized power projects in Chennai, has shown interest to invest USD 10 million in energy-starved Nepal’s hydropower sector.

    OPG Power and Infrastructure said it is keen to pump in the amount as equity partnership in the Hydroelectric Investment and Development Company Limited (HIDCL), a public investment company of Nepal.

    The government of Nepal has 50 per cent equity in HIDCL and 30 per cent is owned by three public limited companies, while the remaining 20 per cent share is set aside for private shareholders and the general public.

    Ours is the largest national hydropower company with the authorised capital of Rs 50 billion and we are planning to develop storage based mega power projects which will be useful for Nepal even during dry season, said Dipak Rauniyar, Chief Executive of the HIDCL.

    “We have received a letter on the behalf of OPG, a power company that has been listed in London Stock Exchange, on first week of August expressing its interest in investing in Nepal’s hydropower sector,” said Rauniyar.

    It is very positive as it signals that foreign investors are showing interest in investing in hydropower sector of Nepal, despite the ongoing political transition in the country, he added.

    Rauniyar said OPG director Dalip Dua has already made commitment by sending a letter to them for the investment.

    According to him, this is the first time that any foreign investor has offered to invest in equity partner with government-owned HIDCL. “We have agreed to sit together to discuss the modality of the investment with OPG.”

    HIDCL has recently organised a hydropower investment meeting in Kathmandu in which many foreign power companies, including the OPG, have shown interest in making investment in Nepal’s hydropower sector.

    Source : Business Standard