MoU signed for 250 MW solar energy project

Kathmandu : A Memorandum of Understanding (MoU) has been signed between the Office of the Investment Board Nepal (IBN) and Rigen Energy Singapore JV for the establishment of a detailed feasibility study report for the establishment of a 250 MW capacity solar power project with a 40 MW capacity battery storage plant in Nepal.

As per the MoU, a study will be carried out for the establishment of 250 MW solar power project at the rate of 125 MW and 20 MW capacity storage storage plant at the rate of 20 MW in Kohalpur of Banke and Banganga of Kapilvastu respectively.

The total estimated cost of the project is approximately Rs. 22.17 billion. The MoU was signed by Sushil Bhatt, Chief Executive Officer of the Board Office, and Wang Qiang, Development Manager for South Asia on behalf of the company.

As per the MoU, the company will have to prepare a report and submit it to the office of the Board of Investment within 12 months of receiving the survey permission. The 44th meeting of the Board of Investment held on June 19, 2008 had decided to allow the company to prepare a report and to provide survey permission for the same.

This project is the largest solar energy project in Nepal so far.