IBN Greenlights 36.37 Billion Rupees for Hydropower Projects

The 55th meeting of the Investment Board Nepal (IBN), presided over by Prime Minister and Chairman of the IBN Pushpa Kamal Dahal ‘Prachanda’, has made significant strides by endorsing investments totaling 36.37 billion rupees for four vital hydropower projects – Rolwaling Khola, Chujung Khola, Dana Khola, and Saniveri Hydropower Project.

Conducted at the headquarters of the Investment Board Nepal, the meeting’s deliberations also led to the establishment of a high-level committee entrusted with evaluating the progress achieved thus far in the Tamor Reservoir Hydropower Project’s implementation. This committee will present recommendations for the future course of action concerning the project.

The meeting further granted a study permit to Dolma Himalayan Energy, paving the way for a comprehensive examination of a 245 MW solar energy project complemented by a 20 MW battery capacity in the Rajpur rural municipality of Dang district. In a bid to amplify Nepal’s renewable energy capacity, Risen Energy Co. secured approval for the development of 250 MW solar energy installations in Kohalpur, Banke, and Wanganga in Kapilvastu.

Acknowledging the meticulous groundwork accomplished, the Investment Board Nepal has elected to submit a proposal to the Council of Ministers, aligning with a directive issued by the Honorable Supreme Court, concerning the Upper Karnali Hydropower Project. This step reinforces the board’s commitment to abiding by the legal parameters in the quest for sustainable energy generation.

In an international collaboration, the board’s session recognized the selection of NIKOLA Sdn. Bhd. in Malaysia for conducting a feasibility study related to the establishment of a Green Calcium Ammonium Nitrate (CAN) Fertilizer Factory. The draft agreement with NIKOLA Sdn. Bhd. has been duly noted.

The Prime Minister, Prime Minister Dahal, expressed his satisfaction with the deliberations and outcomes of the meeting. He emphasized the significance of meticulous analysis when determining the project costs for future hydropower ventures. Furthermore, he urged for reinforced coordination among stakeholders to ensure the timely fruition of ongoing projects. Prime Minister Dahal also stressed upon streamlining the investment approval processes and project implementation procedures for heightened efficiency. He issued a directive to all concerned entities to expedite their efforts with utmost diligence.

The Investment Board Nepal’s 55th meeting reflects a resolute commitment to driving Nepal’s energy sector forward while fostering transparency and sustainability. The decisions made during this session stand as a testament to the nation’s unwavering dedication to progress and development.