Kathmandu. RASUWA: A warehouse to control the water flow of the under-construction 216-MW Upper Trishuli-1 Hydropower Project has been inaugurated on Wednesday.

According to the Embassy of the Republic of Korea in Nepal, the construction of the project has reached the final stage with the inauguration of the warehouse gate amidst a programme in Rasuwa today.

On the occasion, Ambassador Park said that the government of the Republic of Korea has been a reliable development partner of Nepal for the past 52 years, supporting sustainable economic development and prosperity of Nepal.

Minister Gyawali said that Nepal has the necessary financial partnership with the construction of three hydropower projects in Nepal, adding that there was ample possibility of collaboration between Nepal and Korea in energy sector. He said that this project can be taken as a historic example of investment made between Nepal and Korea in long-term energy sector.

Officials from the Energy Ministry, officials from the Korean Embassy, representatives of the concerned bodies and local people were present on the occasion. The project is targeted to be completed by mid-2027. The project has a mix of 70 percent debt and 30 percent equity.

The main sponsors of the project are Korea South East Power Company and Korea Overseas Infrastructure and Urban Development Corporation. The project is the largest foreign direct investment in Nepal’s hydropower sector and the river-based project is scheduled to be completed by mid-2027.

Major international financial institutions providing loan to the project are International Finance Corporation, Asian Development Bank, Asian Infrastructure Investment Bank and Korean Exim Bank.