Foreign investment worth Rs 20 billion mobilized for Langtang-Bhotekoshi Hydroelectricity Project

KATHMANDU, JANUARY 15: Foreign investment of approximately Rs 20 billion has been mobilized for the Langtang-Bhotekoshi Hydroelectricity Project based in Rasuwa. The under-construction project has a total capacity of 120 megawatts of power. Foreign investment equivalent to Rs 19 billion and 857 million 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 estimated at Rs 24 billion 954 million and 473 thousand. The promoters have invested Rs 5 billion 97 million and 473 thousand. This investment has already been brought as self-capital with the approval from the Nepal Rastra Bank, it is said. Rs 19 billion and 857 million have been brought from the Bank of China as loans. Lawmaker Khadka said the entire financing of the project has been managed.

The Department of Electricity Development had given until February 14 to manage the investment for the project. The Chinese company has 90 per cent and the Nepali side 10 per cent investment in the project. The Langtang-Bhotekoshi Hydroelectricity Project, the promoter company and the Export-Import Bank of China, Sichuan branch had 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 Limited. The foundation of the project was aided in January 2020 and construction works are in progress at present. Projects with the capacity to produce a total of 584 megawatts of power are at various stages of construction in Rasuwa district.