IBN approves Rs 99.20 billion investment commitment for four energy projects

Kathmandu- The Investment Board Nepal (IBN) has approved investment commitments of Rs 99.20 billion for four energy projects. The 57th meeting of the Board held today under the chair of Prime Minister Pushpa Kamal Dahal ‘Prachanda’ decided this.

Those projects getting the investment approvals include the 166-megawatt Super Tamor Project (34.59 billion), the 42-megawatt Upper Modi-A Project (10.08 billion), the 250-megawatt Solar Plant Kohalpur and Banganga (Risen Energy Singapore-21.10 billion) and the 139.2-megawatt Lower Manang Marsyangdi Hydro Electricity Project (33.41 billion).

According to the Board, Solar Plant Project, and the Lower Manang Marsyangdi are foreign investment projects. Similarly, the meeting decided to approve an additional investment of Rs 6.63 billion for the HuaXin Cement Narayani Project, Board Spokesperson Pradyumna Prasad Upadhyay told the.

The meeting constituted a talks team under the chair of Board’s Chief Executive Officer to negotiate with proposed investors for signing of the Project Development Agreement (PDA) regarding the Upper Marsyangdi and Solar Plant. As Spokesperson Upadhyay said the PDAs regarding these projects are likely during the upcoming Nepal Investment Summit scheduled for April 28-29.

Similarly, the deadline for a license for a survey of Solar Plant (Kohalpur and Banganga) is to be extended till the end of the current fiscal year (July 15) as per the meeting decision. Likewise, the meeting approved the share purchase agreement of the Dang Cement Plant. The Board endorses the reclaim of around Rs 620 million from the sale of the share.

The meeting decided to give permission to a Malaysian company, ReNIKOLA, to submit bank guarantee for issuing study permit for the establishment of chemical fertilizer factory. It also decided to extend the term of committee formed to study Tamor Reservoir Hydropower Project and the committee formed to prepare a draft of Nijgadh international airport, project development and study regarding investment model till the end of current fiscal year.

Spokesperson Upadhyay said the Board was familiarized about the issue of formation of a study committee under coordination of Chief of Revenue Management Division of the Finance Ministry to study the matter of price adjustment as per the SJVN Arun-III Power Development Company. The Board took the decision that the Investment Board would remain as security trustee of co-financed investment in direct agreement of the project.

Similarly, a report submitted by a committee formed to prepare amendment draft of Public Private Partnership and Investment Act, 2075 has been presented in the Board. The meeting also directed to initiate agreement process with NepWaste Pvt. Ltd to forward Integrated Waste Management Project (Package-1) of Kathmandu Valley.