Minister for Energy, Water Resources and Irrigation Barsha Man Pun has said that Nepal has made several breakthroughs this year in energy generation completing many projects despite lockdown.
“Although the lockdown has completely stalled the mobility, 456 MW Upper Tamakosi Project is close to completion and it is moving ahead,” said minister Pun addressing the Virtual Hydropower Summit organized by the World Bank.
“Thanks to the completion of many projects including 456 MW Upper Tamakois, additional 1,500 MW electricity would be generated in the next fiscal year 2020/21.”
Minister Pun said that COVID-19 pandemic had affected some ongoing hydroelectricity projects. He added that the work at major projects like 456 MW Upper Tamakoshi is moving ahead undeterred.
“All the major projects will complete in within a next fiscal year,” said Minister Pun urging investors to invest in Nepal’s hydropower sector.
“I am happy to share with all of you that the economic activities and work at hydropower projects were continued even during the pandemic.”
He said that we have been giving priority to run of the river and reservoir projects and solar energy promotion, Minister Pun maintained that cooperation between the government and private sector was required for the development of the sector.
To attract domestic and foreign investment in hydroelectricity sector, the government had offered complete waiver on income tax for 10 years, 50 per cent discount for another decade, and concession on the Value Added Tax.
Minister Pun has made it clear that the government is simplifying legal provisions to facilitate the investors and attract Foreign Direct Investment.