Construction works of the mid-Modi hydropower project (15.1 MW) based in Parbat district have started. The Chaudhary Group of Nepal and Coaster Company, India, have jointly invested in the project.
Chairman of the Chaudhary Group, Binod Chaudhary, laid the foundation stone amid a program at Bhurungdichaur of Bhuka Deurali VDC of Parbat district.
Speaking at the program Chairman Chaudhary said the project would be constructed at around Rs 3 billion and is targeted to be constructed by 2017. It would be a model project of the country.
Chairman Chaudhary said the Super Modi Hydropower Project (44 Mw) would also be started within a few months. The Prime Bank including other seven banks are jointly investing for the construction of the project. The project has already made Power Purchase Agreement (PPA) with Nepal Electricity Authority.
"As per the agreement the NEA would purchase the power from the investing companies at Rs 4.8 per unit during the rainy season while at Rs 8.4 during the winter," national news agency RSS reports.