Nepal | September 21, 2020

CMEC keen to invest in two hydropower projects

Rastriya Samachar Samiti
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Kathmandu, August 25

The China Machinery Engineering Corporation (CMEC), a government-owned company of China, has expressed interest in making investment in two important hydropower projects of Nepal.

The company has proposed to the Nepal government expressing its readiness to invest in the Tamakoshi III and Tamor hydropower projects.

The Tamakoshi hydropower project of 650 MW was abandoned by Norwegian company, SN Power saying that there was no market for power produced from the project. Likewise, the 762 MW Tamor project, including a reservoir, is currently under study by Nepal Electricity Authority (NEA).

The company has proposed to build the project on the engineering, purchase, construction and funding (EPCF) mechanism, according to CMEC’s Nepal Representative Biswas Khatiwada.

As per the provision to deal with projects with 500 MW and above through the Investment Board Nepal (IBN), the company has made the proposal to the board.

The company has also included a letter of intent for loan investment from the ICBC Bank of China, according to Khatiwada.

The CMEC is a subsidiary company of the SINOMACH Company of China.

Chief Executive Officer of IBN Maha Prasad Adhikari confirmed receiving the proposal from the Chinese company and added that further process in response to it was yet to begin.

The state-owned Chinese company is the latest among the increasing number of companies from China investing in the hydropower sector of Nepal.

“As we’ve fulfilled all required procedures, we’re hopeful our efforts to help Nepal resolve power crisis would bear fruit,” said Khatiwada representing the CMEC.

 


A version of this article appears in print on August 26, 2016 of The Himalayan Times.


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