The US today launched a USD 9.8 million hydropower development project in Nepal to enable it to become an energy exporter in South Asia and restructure its power sector as well as promote expanded electricity trade with India.
The US Embassy, through the US Agency for International Development (USAID), announced the launch of the five-year Nepal Hydropower Development Project (NHDP), according to a statement by the US Embassy here.
“This five-year, USD 9.8 million project implemented by Deloitte Consulting LLP will support Nepal government’s efforts to expand the country’s access to modern, high-quality hydropower services and become an energy exporter in South Asia,” it said.
Working with the Investment Board of Nepal (IBN), the Nepal Electric Authority (NEA) and the Ministry of Energy (MOE), the project aims to facilitate private sector investment in hydropower resources in an environmentally and socially sustainable manner, the statement said.
“The project will also support the restructuring of the electricity sector to create viable, efficient national power services and promote expanded electricity trade between Nepal and India,” the statement said.
The anticipated long-term results of the NHDP will be economic growth, job creation, higher export revenues through electricity sales and better energy security by enhancing domestic generating capacity and integration with regional electricity markets, it added.
“Successful private sector engagement will play a key role in expanding Nepal’s hydropower sector while increasing the amount of energy available for use in Nepal and for regional exports,” US Ambassador to Nepal Peter W Bodde said.
Nepal is the second richest country in hydropower after Brazil. However, the country still faces a severe power-crunch.
Source : BS