The International Finance Corporation (IFC) has become 15% equity partner in the 216MW Upper Trishuli-1 hydroelectric project in Nepal with an investment of $3m.
Promoter Nepal Water and Energy Development Company (NWEDC) will use the IFC amount to expedite works related to completion of the hydro project.
The project is being developed by NWEDC, which is 75% owned by K-Consortium, a group of three companies South East Power, Daelim Industrial and Kyeryong Construction Industrial, while the remaining 10% is being held by Nepali investors.
NWEDC told The Himalayan Times that it had already acquired all necessary private land and had leased government land to construct the project and secured approval to trim trees in the leased government land.
"Similarly, infrastructure for the physical hydraulic model test of the head-work facilities, including weir, spillway, intake and descanting facilities has been constructed and tests have been conducted in the presence of designers and international experts.
"An explosive string bunker will also be constructed very soon within the premises of the Nepal Army Training Centre in Trishuli Bazaar," added NWEDC.
NWEDC is currently in the process to conclude power purchase and project development agreements and then commence main construction work at the project site.