Foreign investment equivalent to Rs 19.85bn mobilised for Langtang-Bhotekoshi hydel project

KATHMANDU: Foreign investment equivalent to Rs 19.85 billion has been mobilised for the Langtang-Bhotekoshi Hydroelectricity Project based in Rasuwa district.

The under-construction project has a total capacity of generating 120 megawatts (MW) of power.

Foreign investment equivalent to Rs 19.85 billion has been brought for the project from the Bank of China of the People's Republic of China, said Nepali Congress leader and lawmaker Deepak Khadka, who is one of the promoters of this project. The total cost of the project is equivalent to Rs 24.95 billion.

The promoters have invested Rs 5.97 billion. This investment has already been brought as self-capital with the approval from Nepal Rastra Bank, it is said. A loan of Rs 19.85 billion has been brought from the Bank of China.

Lawmaker Khadka said the entire financing of the project has been managed. The Department of Electricity Development has given the deadline of February 14 for managing the investment for the project.

The Chinese company has 90% and the Nepali side has the remaining 10% investment in the project. The Langtang-Bhotekoshi Hydroelectricity Project, the promoter company and the Export Import Bank of China, Sichuan branch signed an agreement on January 7, 2023, regarding bringing in the investment for the project.

The project forwarded at lawmaker Khadka's initiation is being constructed by the Chinese construction company – Sichuan Huwafei Energy Investment Company Ltd.

The foundation of the project was aid in January 2020 and construction works are in progress at present.

Projects with the capacity to produce a total of 584MW power are at various stages of construction in Rasuwa district.