July 13, 2021
1 min read

Nepal signs MoU with India’s SJVN for 679 MW hydel project

The Lower Arun Hydropower Project is located in Sankhuwasabha and Bhojpur districts of the Himalayan nation….reports Asian Lite News

Imparting a fresh thrust to India-Nepal trade and investment ties, Nepal investment Board on Sunday signed a Memorandum of Understanding with India’s Satluj Jal Vidyut Nigam Ltd for the development of 679 MW Lower Arun Hydro Electric Project.

The MoU was signed by Chairman and Managing Director SJVN Ltd, Nand Lal Sharma and CEO, Investment Board of Nepal (IBN), Sushil Bhatta in Kathmandu in presence of Deputy Prime Minister of Nepal, Bishnu Prasad Paudel and India’s Ambassador to Nepal, Vinay Mohan Kwatra, said the IBN in a statement.

The Lower Arun Hydropower Project is located in Sankhuwasabha and Bhojpur districts of the Himalayan nation.

Pic credit Twtter@SjvnLimited

The Lower Arun Hydroelectric Project with an estimated cost of US $ 1.3 billion is yet another milestone of a partnership between Nepal and India on infrastructure development.

The signing of this MoU will prove to be a milestone for business cooperation between Nepal and India, said IBN CEO Bhatta.

ALSO READ: Cabinet nod to pacts with Nepal, Myanmar

The government of Nepal is fully committed to providing all required support to the project, noted Deputy Prime Minister and IBN VC, Bishnu Prasad Paudel.

IBN Chairman and Managing Director Sharma expressed his commitment to accelerate the remaining tasks and complete the development of Lower Arun Hydroelectric Project before its stipulated time.

The signing of the MoU would pave the way for energy infrastructure development and the overall economic prosperity of Nepal, Ambassador of India to Nepal Vinay Mohan Kwatra said.

The project will be built under the build, own, operate and transfer (BOOT) model, it added.

The project will not have any reservoir or dam and will be a tailrace development of Arun-3 hydro project, which will mean water re-enters the river for the Lower Arun project, said IBN statement.

Earlier, in 2018, Indian Prime Minister Narendra Modi and Nepal Prime Minister K P Sharma Oli had jointly laid the foundation stone for the Arun-3 Hydropower Project. (India News Network)

ALSO READ: India privatises Indo-Nepal rail network

Previous Story

Jaishankar to attend SCO Foreign Ministers meet in Tajikistan

Next Story

Taliban guided by Pakistan’s special forces

Latest from -Top News

Uganda’s President Museveni to seek reelection

The upcoming general elections will not only determine the presidency but also see voters elect lawmakers to the national assembly Uganda’s President Yoweri Museveni is set to seek reelection for another term

Eritrea seeks to end UN probe into abuses

The mandate in question is held by the Special Rapporteur, a position currently occupied by Sudanese human rights lawyer Mohamed Abdelsalam Babiker In a rare and potentially precedent-setting move, Eritrea is attempting

Alps Turn to ‘Swiss Cheese’

Switzerland’s reliance on glacial runoff for hydroelectric power faces growing risk — as glaciers shrink, short-term water flow may rise, but long-term shortages could threaten energy and water supplies. Switzerland’s glaciers —

Burn Notice for Europe

As summer unfolds, Europe is bracing for what may be the first of many extreme heatwaves. Europe braced for its first major heatwave of the northern hemisphere summer on Saturday, with soaring
Go toTop

Don't Miss

Oldest Armed Group in Manipur Signs Landmark Peace Accord

The peace agreement signed with the UNLF by the Centre

Indian-American Candidate Ramaswamy Eyes Elon Musk as Advisor

Ramaswamy has previously complimented Musk’s management of X, previously Twitter,