South Korea utility to build Nepal’s 42-MW Upper Modi A

Korea Electric Power Corp. (KEPCO) of South Korea is to build the 42-MW Upper Modi A hydroelectric project in Nepal in joint venture with the government utility.

KEPCO said it entered a joint development agreement with Nepal Electricity Authority (NEA) to carry out Upper Modi A, which is to provide 7 percent of Nepal’s electric capacity.

The Korean utility is to build the US$80 million plant and operate it for 30 years.

KEPCO and NEA are to receive equity interests, in proportion to their cash contributions, in a special purpose vehicle to oversee the project. The proportion of their equity interests are to be determined by a joint development committee, KEPCO said.

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