For the development of hydropower project in Nepal, People’s Hydro Limited is set to bring Rs 9 billion ($86.76 million) to Nepal as FDI.
The company said that FDI from China’s Chongqing Water Turbine Works (CWTW) would be brought in for the development of Khimti-II hydropower project of 48.80 megawatt in a news conference for the hydropower development, whose total cost is estimated to be Rs 10 billion.
The project is expected to be completed in four years in which the Chinese company is expected to invest on engineering, procurement, construction and financing (EPCF) modality and will be the first project to be developed under EPCF modality in Nepal.
Krishna Prasad Acharya, Executive Chairman of the People’s Hydro said that an agreement with the Chinese company has been reached to take back its investment within 700 days of project completion for the project which is based in Jirikhimti of Dolakha and Ramechhap district, Nepal.
About People’s Hydro
Established in 2007, People Hydropower Company is based in Sinamangal, Kathmandu. The company plans to build hydropower and work towards poverty eradication in Nepal through various developmental activities.
About Chongqing Water Turbine Works
Founded in 1981, Chongqing Water Turbine Works (CCTW) manufactures hydropower equipment. Headquartered in Chongqing, China, Chongqing Water Turbine Works operates as a subsidiary of Chongqing Machinery & Electric Co., Ltd.