IBN approves over Rs 99 billion for investing in four energy projects

KATHMANDU, APRIL 4: The Investment Board Nepal (IBN) has approved the investment of Rs. 99.20 billion proposed for four energy projects. The decision was made during the 57th meeting of the Board, which was chaired by Prime Minister Pushpa Kamal Dahal ‘Prachanda’. The projects that received investment approvals are the 166-megawatt Super Tamor Project (Rs. 34.59 billion), the 42-megawatt Upper Modi-A Project (Rs. 10.08 billion), the 250-megawatt Solar Plant Kohalpur and Banganga (Risen Energy Singapore – Rs. 21.10 billion), and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs. 33.41 billion).

The Board confirmed that the Solar Plant Project and the Lower Manang Marsyangdi are foreign investment projects. The meeting also approved an additional investment of Rs. 6.63 billion for the HuaXin Cement Narayani Project, according to Board Spokesperson Pradyumna Prasad Upadhyay.

The meeting formed a talks team, led by the Board’s Chief Executive Officer, to negotiate with proposed investors for the signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant projects. As per Spokesperson Upadhyay, the PDAs regarding these projects are likely to be signed during the upcoming Nepal Investment Summit, scheduled for April 28-29.

The meeting also decided to extend the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) until the end of the current fiscal year (July 15). Additionally, the meeting approved the share purchase agreement of the Dang Cement Plant, endorsing the reclaim of around Rs. 620 million from its sale.

The meeting permitted a Malaysian company, ReNIKOLA, to submit a bank guarantee for issuing a study permit for the establishment of a chemical fertilizer factory. It also decided to extend the term of the committee formed to study the Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh International Airport, project development, and study regarding the investment model until the end of the current fiscal year.

The Board decided that the Investment Board would remain as security trustee of co-financed investment in direct agreement with the project. Similarly, a report submitted by a committee formed to prepare an amendment draft of the Public Private Partnership and Investment Act, 2075, has been presented to the Board.

Finally, the meeting directed to initiate the agreement process with NepWaste Pvt. Ltd to forward the Integrated Waste Management Project (Package-1) of Kathmandu Valley.