India’s GMR Group said it was happy with the extension of the deadline for financial closure of the 900-MW Upper Karnali Hydropower Project made by the Nepal government and committed to delivering the project on time. 

The government has decided to give two more years to the Indian company to complete the financial closure. 

“The financial closure extension approved by the cabinet is a strong proof of full support and appreciation of our efforts towards successfully developing a tri-nation transformational export-oriented hydro power project, which will supply power to Nepal, India and Bangladesh,” said Srinivas Bommidala, Chairman- Energy and International Airports, GMR Group, in a statement. 

“With this development, we can now move forward towards achieving the remaining pre-financial closure milestones and complete the process within the approved timeline. We are committed to delivering this project as per the commitments made to the government of Nepal.” 

The GMR said that they have finalised and installed the power purchase and sales agreement (PSA) jointly with the Bangladesh Power Development Board of Government of Bangladesh and NTPC Vidyut Vyapar Nigam (NVVN) for the Supply of 500 MW of electricity to Bangladesh out of our 792 MW of saleable capacity. 

“We are also committed to conclude this PSA within the approved timeline,” said Bommidala. (PR)