Coinciding with and to commemorate the state visit of the President of the People’s Republic of China, His Excellency Xi Jinping to Nepal, Hydroelectricity Investment and Development Company Limited (HIDCL) and Power Construction Corporation of China Limited(PowerChina) entered into two separate Memorandum of Understanding (MOU) for joint development of two Storage Hydropower Projects in Private Public Partnership model. The MoUs were signed on October 13, 2019 in Soaltee Hotel, Tahachal Kathmandu, Nepal:
1.Tamor Storage Hydropower Project (756 MW)
In March 2019, the Office of Investment Board of Nepal (OIBN) invited Expression of Interest for investment in Tamor Storage Hydropower Project from potential investors. Following evaluations, OIBN shortlisted companies based on the EOI submissions and in August 2019, OIBN invited the qualified companies for Request for Proposals for development, operation, management, maintenance and transfer of Tamor Storage Hydropower project in a PPP model. The Board meeting of the Investment Board of Nepal on 11 October 2019 then approved selection of JV Powerchina and HIDCL as developer for 756 MW Tamor Storage Hydroelectric Project following a competitive selection process. Under the first MOU, Powerchina and HIDCL have reconfirmed their commitment to develop 756 MW Tamor Storage Hydroelectric Project by forming a Special Purpose Vehicle Company.
2.Madi Storage Hydropower Project
Powerchina and HIDCL have signed a MoU to develop the 156 MW Madi Storage Hydropower Project jointly in a Public Private Partnership model. The companies agreed to establish a Special Purpose Vehicle (SPV) to develop the project for electricity generation. The companies have agreed to conduct the technical studies jointly and develop the project further.
(ASIA PACIFIC DAILY)
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