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NHPC Ltd will invest more than 18,000 crore in Nepal to develop two hydropower projects, said Abhay Kumar Singh, chairman and managing director.

The state-run company on Thursday signed a memorandum of understanding (MoU) with the Investment Board Nepal (IBN) for preparation of a detailed project report (DPR) and development of West Seti (750 MW) and Seti River 6 project (450 MW) projects in Nepal. The MoU was signed by Singh and Sushil Bhatta, CEO, IBN. “We assure you that to complete these projects on time and in a cost-effective manner, we shall use every bit of expertise gained while constructing and operating 22 hydropower projects in close to five decades of our existence. We will also be investing over 18,000 crore to develop these projects," said Singh said during the MoU signing ceremony.

He also said that NHPC will expedite the preparation of DPR of the twin projects and establish the techno-commercial viability of these projects within the set timeframe. Noting that NHPC has a long history of association with Nepal, he said the first overseas project which the company implemented was in Nepal— the 14.1 MW Devighat Project in Nuwakot—in 1983.

In a recent interview, Singh had said that the company has identified three sites at Karnali on West Seti.

“Nepal has huge potential. It has a potential of 83,000 MW of hydropower, out of which only 1500 MW has been developed. So, there is a lot of scope for development," he had said.

NHPC is also diversifying and expects to commission a 1-gigawatt solar project by November 2023, Singh had said. With an installed capacity of 6,971 MW in India, it has a 15% share of India’s total hydro-electric capacity of 46.85 GW.

In the June quarter, the company reported a consolidated net profit of 1,053.76 crore, a 7.2% rise from a year earlier.

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