The Upper Karnali Hydropower Project, the largest of its kind in Nepal being developed by GMR Upper Karnali Hydropower Ltd., will cater to the power needs of Bangladesh Power Development Board (BPDB) and Haryana Power Generation Corporation Ltd. (HPGC).

GMR Upper Karnali Hydropower Ltd., a subsidiary of GMR Energy India, is nearing a financial closure as GMR Energy is all set to sign a grid connection agreement with BPDB and HPGC to sell at least 300 MW each. MoUs in this regard have already been signed, says Harvinder Manocha, COO of Hydro Business, GMR Energy.

According to Manocha, Investment Board Nepal has set a financial closure deadline of September 18, 2017 for the project developer. In this regard, international lenders are also coming forward to offer loans to the project owing to the developer’s readiness to sign PPA for 600 MW of the total 900 MW installed capacity.

While the estimated cost of the project stands at USD 1.03 billion (as of the Project Development Agreement signed in 2014), the developer expects the cost to reach USD 1.5 billion.

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