Mahat vows to fast-track PDA, PPA of process of Upper Trishuli I

KATHMANDU, March 11:

Finance Minister Dr Ram Sharan Mahat has vowed to expedite the process of signing Project Development Agreement (PDA) with Upper Trishuli I Hydropower Project (216 MW).

The project is being developed by Nepal Water and Energy Development Company (NWEDC). The estimated cost of the project is US$ 550 million.
During a visit to the project site on Saturday along with the high level delegates of the World Bank, Minister Mahat also urged the developer to use local manpower whenever possible and spend some amount for development works at the local level.

A consortium of Korean companies is developing the project. International Finance Corporation (IFC), the commercial lender under the World Bank Group, is also investing in the project.

During the visit, Park Hak Won, project manager of the consortium, apprised the delegates of the project benefits. He also said the project access road, which can be used as a highway to connect China and India in the future, can bring lots of economic benefits to the country.

Meanwhile, the delegates of the World Bank Group requested Minister Mahat to expedite the process to sign PDA and Power Purchase Agreement (PPA) to pave the way for early implementation of the project.

Source: Republica