Wednesday, February 29, 2012

Nepal, Chinese company ink West Seti Hydel project agreement

Govt, Chinese company ink West Seti Hydel project agreement, February 29, 2012

KATHMANDU, Feb 29: The government and China´s Three Gorges Corporation
(TGC) on Wednesday signed an agreement on construction of the 750-MW
West Seti Hydro Electricity Project

The project will cost USD 1.6 billion. As per the agreement, the Chinese
power company will have 75 percent of the total investment, while the
Nepal Electricity Authority will bear the remaining 25 percent of the
project cost.

The agreement also requires that the TGC should issue shares of one to
five per cent of the its total investment to Nepali nationals.

Likewise, the NEA will get necessary funds from the Chinese power
company in concessional loan, according to the agreement.

It also states that works will be contracted out in July 2014 and the
whole project will be completed by 2019.

Joint Secretary at the Energy Ministry Arjun Kumar Karki on behalf of
the Nepal government and TGC CEO Cao Guangjing on the behalf of the
Chinese power company signed the agreement.

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