Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Australia-based Fortescue Metals Group Ltd has shown an interest in constructing a hydropower project with installed capacity of 500 megawatts in Nepal.
The group has tabled a proposal to the Ministry of Energy, Water Resources and Irrigation to construct the project and to also utilize the electricity generated through the hydropower project.
While bidding farewell to Australian Ambassador to Nepal, Peter Budd, before he returns home after the end of his tenure, Energy Minister Barshaman Pun said that Nepal has taken the proposal positively.
“The proposal of such a huge investment in Nepal’s hydropower sector and foreign consumption of energy is a good thing for us,” said Pun, adding, “We will inform the officials of the company about different projects when they are in Nepal. If things go as per plan we will sign an agreement as per the prevalent law.”
An Australian team of 23 members led by the company’s Chairman Dr Andrew Forrest AO will be arriving in Nepal on October 12. The team is scheduled to meet President Bidhya Devi Bhandari, Minister Pun, Minister for Foreign Affairs Pradeep Kumar Gyawali and Minister for Industry, Commerce and Supplies Lekh Raj Bhattaduring their three-day visit.
Appreciating the decision made by the Australian company to make such a huge investment in the country, Minister Pun assured that the government will provide all necessary help to the company. He informed the company that Nepal will be discussing the project development related issues such as its policies, laws and processes and other possible projects.
The ministry and the company have also conducted a Zoom meeting to talk on issues related with the project. Fortescue is one of the biggest Australian companies. Prior to this also, Australia had supported the country in its river management initiative and the Phukot Karnali Hydropower Project.
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