Kathmandu. The Ministry of Energy, Water Resources and Irrigation has granted power generation license to the Betan Karnali Hydropower Project with a semi-reservoir of 439 MW capacity under construction through the Betan Karnali Accumulator Hydropower Company Limited.

At a program organized at the Ministry of Energy, Energy Secretary Suresh Acharya handed over the license to the Company’s Chief Administrative Officer ShriKrishna Prasad Acharya and expressed necessary instructions and best wishes to play the role of completing the project on time.

Secretary Acharya said that the permission was finally granted in coordination with Indian Upper Karnali Hydropower following the directives of Energy Minister Deepak Khadka at a time when the manufacturers, investors and depositors were disappointed that the construction had not moved ahead due to the halt in the approval process for years. Lawmakers pushpa Bahadur Shah, Sher Bahadur Kunwar and Hridayram Thami of Karnali and Sudurpaschim provinces were also present on the occasion.

Managing Director of the company Krishna Prasad Acharya expressed his special gratitude to Energy Minister Deepak Khadka, Secretary Suresh Acharya, Director General of the Department of Power Development Nabin Singh and Chief Executive Officer of the Investment Board Shushil Gyawali for playing an important role in resolving the complexities of the past through diplomatic initiatives. He also expressed his firm commitment to complete the project within the stipulated time

The total cost of the project is estimated to be around Rs 93 billion with 15 per cent, 10 per cent and 10 per cent investment from employees provident fund, Nepal Electricity Authority and Electricity Generation Company Limited respectively. The remaining 40 per cent will be represented by the depositors and civil servants of the Employees Provident Fund and 25 per cent by the locals and the general public.

Although the financial management of the project, which aims to start the construction work immediately and complete it within five years, is considered challenging, it is believed that the project will be completed successfully with the participation of major institutional investors.