KATHMANDU, DEC 09 - 2011
A repatriate loan agreement for the development of four hydropower
projects being developed by Chilime Hydropower Company Limited (CHCL)
was signed between Chilime, the Employees’ Provident Fund (EPF) and
projects concerned on Thursday.
Under the agreement, the EPP will provide loans to them worth Rs
16.60 billion at an interest rate of 12.5 percent. In June, the EPF and
Chilime had signed a memorandum of understanding on EPF lending to these
four projects.
EPF administrator Ramesh Kumar Bhattarai, managing director of
Chilime Kul Man Ghising and chiefs of four projects signed the agreement
in the presence of Energy Minister Post Bahadur Bogati, Finance
Minister Barsha Man Pun and State Minister for Energy, Surya Man Dong.
The four hydropower projects include Rasuwagadhi (111 MW), Middle
Bhotekoshi (102 MW) Upper Sanjen (14.8 MW) and Sanjen (42.5 MW). The
total estimated cost for the construction of the hydropower projects is
Rs 33.21 billion. Chilime plans to invest 50 percent from its own
capital while the remaining will be raised from loans.
According to Ghising, of the four projects, the Upper Sanjen and
Sanjen will be completed by 2015, while the remaining two—Rasuwagadhi
and Middle Bhotekoshi—will be completed by 2017.
Chilime, a subsidiary company under the Nepal Electricity Authority,
has constructed the Chilime Hydropower project in Rasuwa, the first
hydropower project of Nepal, with domestic investment.
Source: Kantipur
