OIBN and Risen Energy sign MoU for a Solar Project

KATHMANDU: On January 26, the Office of the Investment Board Nepal (OIBN) and Risen Energy Singapore JV Pvt. Ltd. signed a memorandum of understanding (MoU) to prepare a detailed feasibility study report (DFSR) for establishing a 250 MW grid-connected solar energy project with a 40 MW battery storage plant in Nepal. The DFSR will be conducted for a 125 MW project with 20 MW battery storage each in Kohalpur of Banke and Bandganga of Kapilvastu districts. The estimated cost of the project is USD 189.5 million. CEO of OIBN Mr. Sushil Bhatta and Development Manager for South Asia of the company Mr. Wang Qiang signed the MoU at a function held at OIBN. As per the MoU, the company will have to submit the DFSR to the OIBN within 12 months of the survey license issued. The proposed project is the biggest solar energy project in the country so far. Speaking at the signing ceremony, Mr. Bhatta said the MoU has paved the way for implementing the largest solar energy project in Nepal and urged the company to submit the DFSR within the stipulated time. Mr. Wang said Nepal has yet to exploit its solar energy potential to meet energy needs stating that the MoU paves the way for the both sides to work together towards a common goal – the pursuit of the internationalization of clean energy. ♦