Share this Twitter Myspace Digg Del.icio.us Slashdot Furl Yahoo Googlize this Blinklist Facebook Wikio Export PDF Print E-mail

After the government agreed to become the guarantor of the project, Citizen Investment Trust (CIT), too, has agreed to invest Rs 2 billion in Upper Tamakoshi with Rs 200 million as share and the remaining as a loan, Nagarik daily reported.

A meeting of high-level  officials from Nepal Electricity Authority (NEA), Upper Tamakoshi Hydropower Limited (UTHL) and CIT on Sunday had decided to give promoters share worth Rs 2 billion to CIT from that allocated to the UTHL.

Earlier, Nepal Telecom had agreed to invest Rs 6 billion in the project after it was assured of promoters share worth Rs 600 million.

The 456-MW hydel project is being constructed in Lamabagar of Dolakha district at an estimated cost of Rs 35 billion.

The project, touted as the cheapest (with the least per unit cost) in Nepal, aims to raise the entire investment required for the project from domestic sources.

With NTC’s 6 billion and CIT’s 2 billion, the committed amount for the project has already reached Rs 20 billion, apart from the investment from NEA and UTHL itself. Earlier, Employees Provident Fund (EPF) had pledged an investment of Rs 12 billion in the project.

Upon completion, Upper Tamakoshi will become the largest hydro-electric plant in Nepal and the only major plant constructed by domestic investment. As of now, the largest project constructed with domestic investment is 22.1 MW-Chilime Hydropower Project based in Chilime of Rasuwa district.

NEA sources have said, National Insurance Corporation has also shown interest to invest in the project. The corporation plans to invest Rs 2 billion in the project if it is given a promoters share for 10 percent of its investment, like in the case of NT and CIT, an NEA offical said. nepalnews.com

Readers are kindly requested to avoid using offensive language and also refrain from issuing threats to others.

View Comments	Search
As postings are shown online immediately, please be warned of offensive comments

shiva poudel  - investment   |86.96.226.xxx |2009-11-18 16:54:44 I think at least 5 billion rs can be raised from public through ordinary share for the project so no worries to raise the required capital. Anonymous  - Good news !   |98.253.59.xxx |2009-11-18 15:53:48 Respecting the law and order instead of political influnces. Anonymous   |157.150.221.xxx |2009-11-18 07:14:40 If Nepal wants to secure resources this is the way to do it. All Hydel power stations should be constructed through public investments. Only one or two should be given to foreign companies with good contracts. Currently government is awarding contracts to Indian company for unlimited period which is ally wrong. It may be good for them for monitory gain but by no means it is good for Nepal. Nepal government should flot shares in capital market and collect money to construct Hydro power stations throughout the country. In many cases currently people have applied for licenses. But they are not for producing electricity but they are for to other parties. This is absolutely incorrect and government should withdraw all licenses. BK Nepali  - UTHL-Mission Critical   |113.199.135.xxx |2009-11-18 03:03:14 Getting Money is one among several challenges of Hydropower Project - DO NOT FORGET to mitigate all the ociated RISKS and Bring Project in Given TIME, QUALITY and COST. The money is from sweat of Nepali Civil Servant. HydroMania  - Cost, Quality and Time   |113.199.135.xxx |2009-11-18 02:42:43 It is really great to bring The Great Demonstration Project with Local Capacity. Ensure 100%, if not 99.99% to bring the project in given TIME, QUALITY and COST (TQC). Now UTHL need to focus on maintaining TQC of the project. This is MISSION CRITICAL for Nepal. Powered by !JoomlaComment 3.26

3.26 Copyright (C) 2008 Compojoom.com / Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."