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The National Hydro Electric Power Corporation of India (NHPC) on Friday announced its plan to build two hydroelectric projects in Nepal. The pact signed for the hydro projects of 750 MW and 450 MW was signed on Thursday.

"NHPC Ltd signed an MOU with Investment Board Nepal (IBN) to develop 750 MW West Seti and 450 MW SR-6 Hydroelectric Projects in Nepal," the company said in a statement.

The statement further states that the MOU (Memorandum Of Understanding) was signed and exchanged by A K Singh, CMD, NHPC, and Sushil Bhatta, Chief Executive Officer, IBN, on August 18, 2022, in Kathmandu. Prime Minister of Nepal, Sher Bahadur Deuba was also present on the occasion.

The Prime Minister appreciated the cooperation of India in Nepal's development. He also mentioned India's role in tapping the hydropower potential of Nepal.

He affirmed that the pact is an important instrument in enhancing Nepal-India energy cooperation.

CMD of NHPC A K Singh, expressed NHPC's commitment toward development of West Seti & SR-6 projects, “It is our history that once we enter a project, we complete it. The development of these projects will boost NHPC's credentials as a global hydropower player," he said

NHPC India's leading hydropower development organization was founded in 1975, and is a Government of India Schedule A enterprise with 'Miniratna' status. The company is India's premier organization with a total installed capacity of 7,071.20 MW.

The Investment Board Nepal (IBN), established in 2011, is a Government of Nepal institution tasked with attracting and facilitating private investments, including Foreign Direct Investment (FDI), and managing Public Private Partnership (PPP) in Nepal. The board is chaired by Prime Minister Deuba.

With Inputs from PTI.

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