New Delhi, May 16 (PTI) State-owned SJVN Ltd will develop another hydro power project Arun-4 worth Rs 4,900 crore in Nepal.
A Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydro electric project in Nepal has been signed in Lumbini, Nepal in the presence of Prime Minister Narendra Modi and Prime Minister of Nepal Sher Bahadur Deuba, the company said in a statement on Monday.
SJVN Chairman and Managing Director Nand Lal Sharma said it will be the third mega project to be constructed by the company in Nepal. The construction of 900 MW Arun-3 project is in progress and the 669 MW Lower Arun project is at the survey and investigation stage.
With the MoU, signed by Sharma and Nepal Electricity Authority (NEA) Managing Director Kulman Ghising, SJVN has three projects with a total capacity of 2,059 MW in Nepal.
According to Sharma, SJVN is targeting to have 5,000 MW projects in Nepal by 2030.
The 490 MW, Arun-4 hydro electric project will be developed as a joint venture by SJVN and NEA, wherein the former will have the majority stake.
The project will generate around 2,100 million units of energy per annum. The estimated developmental cost of the project, which is situated in Sankhuwasabha District Province-1 of Nepal, is Rs 4,900 crore, as per the statement.
The company said the Integrated River Basin Development Approach enables optimum utilisation of manpower, infrastructure and financial resources.
This concept — which will help in allocation of hydro projects in one single river basin to one developer — has been accepted by the Nepal government as well as by the state governments of Himachal Pradesh and Arunachal Pradesh.
In addition to the three hydro projects in Nepal, SJVN is also constructing 217-km 400 kV associated transmission system for evacuation of power.
“With total portfolio of around 31,500 MW, SJVN now has power projects of more than 30 GW capacity under operation and different stages of development. These recent additions of new projects are leading the company towards actualising of its shared vision of 5,000 MW by 2023; 25,000 MW by 2030 and; 50,000 MW installed capacity by 2040,” Sharma said.