Energy Minister Posta Bahadur Bogati, Energy Secretary Balananda Poudel, EPF Administrator Dr Ramesh Bhattarai and others were present during the signing ceremony. A Meomarandum of Understanding (MOU) to this effect was signed on June 7. [break]
“Load-shedding would continue for another seven years if we do not invest in reservoir based projects,” said Minister Bogati and urged Chilime to invest in reservoir-based projects after completion of the four projects.
Three of the projects -- Sanjen (42.5 MW), Upper Sanjen (14.5 MW) and Rasuwagadhi (102 MW) --will be constructed in Rasuwa and the fourth Middle Bhotekoshi (100 MW) in Sindhupalchowk. Sanjen and Upper Sanjen projects are expected to complete by 2015 while the other two a year later.
“We have to finish the projects within the stipulated time,” said Energy Secretary Poudel. “We can attract further investment from EPF in the hydropower sector if we push the limit of EPF´s investment on a single sector to 50 % from the current 25 %,” Poudel stated.
Chilime, a subsidiary company of NEA, said the projects would require around Rs 32 billion for completion and the remaining Rs 16 billion would be equity investment. The promoters would be allotted 51% of the shares with the remaining 49% to general public including locals, staffers of EPF and EPF depositors.
Chilime has currently been operating a 22.1 MW project in Rasuwa.
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