Satluj Jal Vidyut Nigam, a hydropower producing company of India, is to construct the Lower Arun hydropower project in Nepal. A bilateral agreement was made to this regard during the visit of Prime Minister Pushpa Kamal Dahal here today.
The company has also been constructing the Arun-III hydropower project.
The project development agreement (PDA) was signed between Nepal and India in the presence of the Prime Minister Pushpa Kamal Dahal 'Prachanda' and his Indian counterpart Narendra Modi amidst a function in New Delhi.
Chief Executive Officer from Investment Board, Sushil Bhatta, and Chairman of Satluj Company, Nanda Lal Sharma, signed the PDA from the respective sides.
The 54th meeting of Investment Board on May 28 chaired by Prime Minister Dahal had taken decision on necessary homework on PDA. The meeting approved the draft document on PDA to be made with the developer company and forwarded to the Council of Ministers for approval. The Cabinet meeting later endorsed the PDA.
The entire power produced from the project will be exported, which is believed to contribute to the economic development of the country.
The Investment Board had approved the investment of Rs 92.68 billion for the 669-MW capacity project.
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