Prime Minister K.P. Sharma Oli launches People's Hydropower Program amid a function. Addressing the program prime minister Oli said that the success of this program will enhance Nepal's capability to generate the energy enough to replace petroleum products.
He said that money will be generated through various sources including private sector, people and the government entity.
Before the inaugural program, Ministry of Energy, Water Resources and Irrigation Barshaman Pun Ananta addressed a press conference in his ministry.
He said that there require 700 billion rupees 19 hydro power projects. Minister Pun said that there will be people's ownership in all the hydro power projects.
Issuing a white paper, minister Pun said that each citizen will be made share holders in the power project. There will be 10 projects in seven provinces with the capacity of 3479 MW. Per MW cost of the project will be Rs.200 million.
Developed by Hydro-electricity Investment and Development Company Ltd, the total cost of the projects will be Rs.7 billion. Minister Pun claimed that each project will give 15 to 17 percent. Minister Pun said that attractive interest rate will be offered in such money.
For such projects, the government is planning to generate 70 percent loan. and 30 percent equity. Under this scheme, the government institutions will have 51 percent share and public will have 49 percent.
With a seven years of construction period, the government will generate the resources from nine government offices including Employment Provident Fund, Citizens Investment Fund, HIDCL, Nepal Telecom, National Insurance Company, Nepal Army, Nepal Police, Armed Police and the government .
According to the approach paper, they will invest 106 billion rupees annually. The deficit money will be generated from local people, bond, debaucher and foreign client.
For the public share, the regulation of Securities Board of Nepal will be amended. Those projects proposed include Upper Arun 725 MW, Iwakhola 30 MW, Kimathanka Arun 482 MW, Ghunsa River 72 MW, Simbuwa Khola 72, Arun IV 372 MW, Tamakosi 86 MW, Trishuli 3 B 37 MW, Budhi Gandaki Grwakhoal 60 MW, Budhigandaki Prok I, 100 MW, Budhigandki II, 240 MW and others.