MONEY»
880 MW Tamakoshi-III to kickstart in 2012
KATHMANDU, SEP 01 -
After successfully constructing and operating Khimti, the country’s first private-sector hydro project, Norwegian company SN Power is gearing up for another hydel plant in the Tamakoshi Valley in Dolkha.
SN Power has announced that it would start construction of the 880 MW Tamakoshi III from 2012. As per its plan, Tamakoshi III, the country’s largest power project till date, would be completed by 2017. Established in 2002, SN Power is owned by Stratkraft, Norway’s largest utility company, and Norfund, the Norwegian Investment Fund for Developing Countries.
The feasibility study for the Tamakoshi III project worth US$ 1,400 million (approximately Rs. 120 billion) has already been completed. Tata Power Company Limited, India’s leading private sector
power company, has a 50 percent share along with SN Power in Tamakoshi III.
The project, which was originally planned to generate a total capacity of 600 MW, has been upgraded to 880 MW. After completing the feasibility study, SN Power is ready to seek approval of the Environment Impact Assessment (EIA) from the government within the next two months.
“If there is no major political hindrance or instability in the coming days, there are no any obstacles that will delay the project to be completed in the stipulated time,” said Apar Neupane, business manager of SN Power.
Meanwhile, the detailed engineering designing that will take around 10 months is set to start from November this year, and the financial closure of the project, which is the final stage needed before the project goes into construction, is planned for March 2012. “Once these procedures are completed, the project will go for construction soon,” said Neupane.
The 880 MW project is divided into four units, each having an installed capacity of 220 MW. The first unit will be completed by November 2016, and the remaining three units will take two months each to be finished. The entire project will be completed by 2017.
SN Power is formally discussing with the World Bank and the Asian Development Bank for credit. Neupane said that both institutions had shown interest to provide loans. SN Power has also asked the government to come on board the project as equity partner under public-private partnership (PPP).
Unlike the 456 MW Upper Tamakoshi Hydro Electricity Project which has provided a 10 percent share to the locals of the affected project site, the Tamakoshi III project is developing a different modality that will promote corporate or institutional shareholders instead of individual shareholders.
Apart from Tamakoshi III, SN Power is also investing in the construction of the 65 MW Kirne Hydro Electricity Project near the Khimti Project. The project is set to roll in 2011 and be completed in two years if the government provides assurances for the construction of transmission lines for the project.
Posted on: 2010-09-02 08:42
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