Kathmandu, 14th Magh: Investment has been secured for the 77.5 MW run-of-river Ghunsa Khola Hydropower Project, developed with the aim of making Nepalis who have gone abroad for employment shareholders of the hydropower project. The project is to be constructed by Remit Hydro Limited.
Remit Hydro has stated that a multilateral loan agreement for the project was signed on Sunday. Laxmi Sunrise Bank Limited will invest Rs 5 billion, Hydroelectricity Investment Company Limited Rs 3 billion, Citizens Investment Fund Rs 2 billion, Machhapuchhre Bank Rs 1.45 billion, and Everest Bank Rs 1.25 billion in the project. The promoter company has stated that an agreement has been reached with banks and financial institutions to invest Rs 12.7 billion.
The project will be constructed by utilizing the water of Ghunsa River located in Faktanglung Rural Municipality-5 and 6 of Taplejung district. The estimated cost of the project is Rs 18.13 billion including interest throughout the construction period. The financial arrangements required for the project will be made through equity and debt investment.
The equity investment on the institutional side is 21 percent from Nepal Electricity Authority, 15 percent from Hydro Electricity Investment and Development Company Limited, and 15 percent from Electricity Generation Company Limited. Arrangements have been made to ensure that 49 percent of the total capital in the company is invested by the public. Out of the 49 percent of the common shares, 29 percent has been ensured for Nepali citizens who have gone abroad for employment. Similarly, 10 percent has been allocated for project-affected locals and the remaining 10 percent for the general public.
The project is targeted to be completed within four years of the start of construction. The project’s power house and road to the residence and the installation of bailey bridges at two locations on the Tamor River have been completed.
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