Kathmandu, September 30 Nepal Electricity Authority (NEA) has signed the Power Purchase Agreement (PPA) with Hydro Village Pvt Ltd (HVPL) at a function in the Capital. As per a press release issued by HVPL, Managing Director of NEA Kul Man Ghising and Chairman of HVPL Rameshwar Thapa signed the pact last week for the 57.3-megawatt Myagdi Khola hydropower project in Myagdi. The estimated cost of project stands at around Rs 10 billion and required commercial operation date for the firm is September, 2023. “We are determined to complete the project within the stipulated time,” the statement quoted Thapa as saying. The project will build an access road of 24 km to project site in  first stage after which construction will commence. Thirty per cent of investment will be managed through foreign direct investment as well as local investment and remaining 70 per cent will be borrowed from banks. The project will have annual average production of 335.99 GWh energy. The per unit rate of electricity has been fixed at Rs 4.80 and Rs 8.40 for wet season and dry season, respectively.