IBN greenlights Rs 99.20 billion investment for four energy ventures

KATHMANDU: The Investment Board Nepal (IBN) has sanctioned investment commitments totaling Rs 99.20 billion for four significant energy projects.

During the 57th meeting chaired by Prime Minister Pushpa Kamal Dahal 'Prachanda', held today, the board made these decisions.

The approved projects include:

1. The 166-megawatt Super Tamor Project (Rs 34.59 billion)
2. The 42-megawatt Upper Modi-A Project (Rs 10.08 billion)
3. The 250-megawatt Solar Plant Kohalpur and Banganga (Risen Energy Singapore- Rs 21.10 billion)
4. The 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (Rs 33.41 billion).

The IBN stated that the Solar Plant Project and the Lower Manang Marsyangdi project are foreign investment ventures.

Additionally, the meeting approved an additional investment of Rs 6.63 billion for the HuaXin Cement Narayani Project, as conveyed by Board Spokesperson Pradyumna Prasad Upadhyay to the RSS.

A negotiation team, led by the Board's Chief Executive Officer, has been formed to negotiate with potential investors for the signing of the Project Development Agreement (PDA) concerning the Upper Marsyangdi and Solar Plant projects. The PDAs for these projects are anticipated to be signed during the upcoming Nepal Investment Summit scheduled for April 28-29.

Furthermore, the meeting extended the deadline for the survey license of the Solar Plant (Kohalpur and Banganga) until the end of the current fiscal year (July 15), and it endorsed the share purchase agreement of the Dang Cement Plant.

Moreover, the meeting permitted a Malaysian company, ReNIKOLA, to submit a bank guarantee for issuing a study permit for establishing a chemical fertilizer factory.

The IBN also decided to extend the terms of the committees formed to study the Tamor Reservoir Hydropower Project and to prepare a draft for the Nijgadh International Airport project development and study regarding investment model until the end of the current fiscal year.

Additionally, the board discussed the formation of a study committee under the coordination of the Chief of Revenue Management Division of the Finance Ministry to examine the matter of price adjustment as per the SJVN Arun-III Power Development Company. The IBN decided that it would remain as a security trustee for co-financed investment in the direct agreement of the project.

Moreover, a committee report was presented regarding the preparation of an amendment draft of the Public-Private Partnership and Investment Act, 2075.

Finally, the meeting directed to initiate the agreement process with NepWaste Pvt. Ltd to proceed with the Integrated Waste Management Project (Package-1) of Kathmandu Valley.