HIDCL establishes Remit Hydro; Investment opportunity for Nepalese citizen employed in foreign countries

Nepali citizens employed in foreign countries can now directly invest in the Hydroelectricity projects. The remittance that comes from people working abroad will be utilized in the development of hydroelectricity sector and provide an appropriate return to the people investing in the project. The investors will be getting a good return for a longer time. Remit Hydro Limited, a subsidiary company ofHydroelectricity Investment and Development Company Limited(HIDCL) has been established as a Special Purpose Vehicle to implement the concept of Remittance Hydro. Remit hyrdroplans to invest in two hydropower projects with a combined capacity of 132 MW.Assignment regarding these two projects situated at Taplejung has started. Approximately Rs 19 arba would be needed to complete the project. Nepalese people from around the world can send money through banks and make a direct investment in hydroelectricity projects. People living abroad can make a 24 % investment in the hydroelectric project. In Remit Hydro, there will be 51% shares of the company Hydroelectricity Development and Investment company , 24% of the people working abroad, 15% for general public and 10% to the locals of the project affected area. According to the CEO of Hydroelectricity Development and Investment company, Mr Deepak Rauniyar Citizen Investment Trust and Beema Sansthan has already agreed to be the partner of remit hydro. Other Financial companies are also interested to be a partner of remit hydro.