Money

Financial closure deadline extended

  • Upper Karnali & Arun 3 Hydro Projects
- Post Report, Kathmandu

Nov 14, 2017-Construction of Upper Karnali and Arun 3 hydroelectric projects, which will have installed capacity of 900 megawatts each, will be delayed by one year and six months, respectively, as they have been given extra time to arrange funds to build the project.

The financial closure deadline for Upper Karnali and Arun 3 hydroelectric projects, which are being built by Indian developers, expired on September 18 and September 30, respectively. The board meeting of the Investment Board Nepal (IBN), which is chaired by Prime Minister Sher Bahadur Deuba, held on Monday decided to extend the financial closure deadline for Upper Karnali and Arun 3 projects by one year and six months, respectively.

GMR Upper Karnali Hydropower Project has been given one year’s time beginning September 18, 2017 to complete the financial closure, says a statement issued by the IBN, which is overseeing implementation of the two projects.

SJVN Arun 3 Power Development Company, on the other hand, has been given six month’s time beginning September 30, 2017 to complete the financial closure, adds the statement.

This is not the first time that IBN has pushed back the deadline for financial closure for the Indian developers.

Earlier, the board extended the time limit by a year after the two companies said that the devastating earthquake, fuel crisis due to unrest in the Tarai and delays in forest clearance had delayed work.

Published: 14-11-2017 08:34

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