Kathmandu; Urja Developers has signed a share purchase agreement with Hydro Village Private Limited (HVPL) for the development and operation of the 57.3 MW Myagdi Khola Hydropower Project (MKHPP). Chairperson of Urja Developers Bijay Bahadur Rajbhandary and chairperson of Hydro Village Capt. Rameshwar Thapa signed the agreement at a ceremony in the capital.
Bhanu Pokharel, Managing Director of Urja Developers said the agreement with Hydro Village was part of their endeavor towards serving domestic and regional needs for clean energy. "It's definitely a matter of honor to be working together with one of the leading organizations in the clean energy sector," Sushil Pokharel, Managing Director of the HPVL said. He further added, "With this new collaboration, we hope to accelerate our pace and hope to establish Myagdi Khola as an outstanding project."
Earlier, the government-owned Hydroelectricity Investment and Development Company Ltd (HIDCL) invested equity in MKHPP. The project is estimated to cost around US$100 million.The project will have an annual average production of 335 GWh. Following this agreement, HIDCL, Ujra Developers, Simrik Ventures, BizBell and a Singapore-based firm Aqua Venture will have the joint ownership of the project. .
HVPL was established in 2015 and has been actively advocating for an investment-friendly climate to unleash hydropower potential of Nepal. Incorporated in 2016, Urja Developers is one of the leading brands in the clean energy sector and has been providing holistic solutions for the implementation of hydropower and Renewable Projects projects.
The Myagdi Khola hydropower project is located in Jeltingubagad Dhaulagiri Rural Municipality of Myagdi district, in Gandaki province. Electricity generated from the project will be evacuated through a NEA’s substation at Dandakhet, 17 kilometers away from the powerhouse of the project.