The Nepal Industrial Promotion Board (IPB) has approved the development of hydropower projects in the county.

The proposal to develop 92% FDI-funded 65MW Kaligandaki Upper hydro project has been approved by IPB, which was chaired by Industry Minister Mahesh Basnet during a meeting, reports E Kantipur news agency.

Additionally, IBP approved Excel Clean Hydropower Company to boost capital and capacity.

China’s Sinohydro and Nepal’s Trade Link Global, through a joint venture, will be responsible for the development of the Kaligandaki Upper hydro project on the Kaligandaki River along the border of Myagdi and Parbat districts in Nepal, with an investment of NPR22bn ($218.7m).

IPB member secretary and Industries Department director general Maheshwar Neupane said Sinohydro will hold 92% stake in the project.

Additionally, Essel Clean Solu Hydropower, which owns license to develop a 40MW hydropower project on Solu River in Solukhumbu, has been received approval to sign NPR13bn loan agreement with a number of foreign companies, for capital and capacity increment, MyRepublica reports.

Earlier, Essel Clean Solu Hydropower had filed an application to expand the hydropower project capacity from current 40MW to 82MW.