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GMR inks deal with Nepal for Rs9k cr hydel power plant
GMR Inks Deal With Nepal for Rs9k cr Hydel Power Plant. GMR Group reached yet another milestone in project sector when it signed Project Development Agreement (PDA) with the Nepal government for the Upper Karnali Hydro Power Project last Friday.
The 900 MW Upper Karnali Hydro Power Project is expected to be completed in five years
Hyderabad: GMR Group reached yet another milestone in project sector when it signed Project Development Agreement (PDA) with the Nepal government for the Upper Karnali Hydro Power Project last Friday. Projected to generate 900 MW power, the mega hydel project is expected to cost $1.5 billion (nearly Rs 9,000 crore) in investment.
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“The agreement, which is a major milestone for the project, was signed after due approvals of the Board of Investment Board of Nepal and the Nepali cabinet. This is the largest FDI for Nepal and also the largest investment for GMR Group outside India,” GMR said in a statement. The hydro power project was awarded to the GMR Group through an International competitive bidding process in 2008 on BOOT (Build, Own, Operate and Transfer) basis. It will be developed as an export oriented project with construction slated to be completed in five years. The project is located on Karnali river, in the Surkhet, Dailekh and Achham districts of Nepal.
“The signing of the PDA for the hydro power project reinforces the strong ties between India and Nepal. The development of the project will be a beneficial for both countries leveraging on each other’s strengths and resources. We are committed to the development of the project and the betterment of the communities in the region,” said G M Rao, Chairman, GMR Group.
GMR Group is looking to achieve financial closure of the project by September 2016 and thereafter, the commencement of the commercial operation is expected by September 2021.
The project is estimated to generate about 3500 MUs of energy annually and 420 MUs of energy (as much as 12 per cent of installed capacity) has been earmarked as free power to Nepal. The Nepal Electricity Authority will hold 27 per cent free equity stake in the project including all project royalties and the project will be transferred to Nepal government of Nepal at the end of the 25-year concession period.
