Employees Provident Fund, Nepal Electricity Authority and Tamakosi Hydropower Company have jointly singed tripartite Memorandum of Understanding to invest loan for the construction of 99.8 MW Tamakosi Fifth Hydropower Project.
In presence of Minister of Energy Pampha Bhusal, NEA’s managing director Hitendra Dev Shakya, CEO of company Nasibman Pradhan and Provident Fund’s administrator Tulsi Prasad Gautam signed MoU.
Tamakosi fifth is a cascade project of Upper Tamakosi and the project will be constructed under People’s Hydropower Program.
With an estimated cost of over 16 billion rupees, the Fund will provide loan of over 70 percent Rs.11.33 billion. Remaining fund will be managed through equity and public share.
As a cascade project, the project will not to construct dam and other infrastructures. The water coming from 456 MW Upper Tamakosi Project will be diverted to generation house through 8 KM tunnel.
The power generated by the project will be connected to central grid through 2 kilometer long 220 kV transmission line.
DPR and EIA of the project have already approved and the project has already received the generation license in 2016.
Under the financial support from Asian Infrastructure Investment Bank (AIIB), additional EIA has been currently undergoing. The pre-construction work is now undergoing with aim to complete the project in 2024.