Kathmandu, June 11 An Italian company — CMC Ravenna — has received the contract to construct the 86 MW Solu Khola (Dudhkoshi) Hydropower Project. Sahas Urja Ltd — the operator of Solu Khola (Dudhkoshi) Hydropower Project — and CMC Ravenna signed an agreement to this effect recently, as per a media release. The project is one of the largest hydro projects being built solely utilising domestic investment. Speaking during the contract signing ceremony, Him Prasad Pathak, chairman of Sahas Urja Ltd, informed that all pre-construction works of the project have been completed. “The main objective of the company is to complete this project on time and we are ready to start the construction process,” Pathak said, adding that the construction process of the hydel project will be expedited once the joint delegation of Sahas Urja Ltd and CMC Ravenna inspect the project site and the readiness for project construction. Sahas Urja Ltd has targeted to generate electricity from the hydel project within three years. During the agreement signing ceremony, Salvatore Casciaro, director of CMC Ravenna, said that the Italian company is committed to complete the hydro project on time. “This is our second project in Nepal. We will fully employ our expertise in the Solu Khola (Dudhkoshi) Hydropower Project to develop this project as one of the model projects in Nepal,” Casciaro said. A consortium of 11 commercial banks, led by Nepal Investment Bank, will provide loan facilities of 73 per cent of the expected cost of Rs 11.86 billion to construct the project. The remaining 27 per cent investment will be in form of equity.