The Independent Power Producers Association of Nepal (IPPAN) has objected to the recent arrangements made by the Insurance Committee regarding the hydropower project.
According to IPPAN chair Krishna Prasad Acharya, it is wrong to issue directives under the influence of some non-life insurance companies. Instead of compensating for the damage caused to some river basin corridor projects in Gandaki and Bagmati provinces during the recent floods, the IPPAN has said that efforts are being made to hurt the energy entrepreneurs with a wrong intention.
Instead of the Insurance Committee taking the initiative to provide full compensation, the amount of the insurance policy has been increased, which is not acceptable to IPPAN. Chair Acharya said that the treatment towards the hydropower projects in regards to compensation to the projects that suffered damage in the recent monsoon is not welcoming.
The IPPAN has demanded that the Ministry of Finance and the Finance Minister immediately revoke the directive and take action against the culprits.
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