The 102 MW Middle Bhotekoshi Hydropower Project, which is being built in Sindhupalchowk under the direction of Chilime Hydropower Company, has nearly finished 75 percent of its overall construction.
The project is currently under construction, with a target completion date of 2022. The dam and sand dredging pond, as well as the main structure of the project, are expected to be completed before the monsoon rains arrive.
The power house building is expected to be finished in five months, while the remaining 415 meters of the 7.2 kilometer tunnel will be finished in three months.
The project’s completion schedule has been impacted by multiple natural disasters as well as poor performance by the Chinese company Guangxi Hydro and Electrical Construction, the civil and hydro mechanical contractor.
On Saturday, a delegation led by Nepal Electricity Authority Managing Director Kul Man Ghising, Middle Bhotekoshi Hydropower Company Chairman Harraj Neupane, and operators examined the construction site and directed that the work be completed as soon as possible.
The team has been directed to collaborate with project management, contractors, and consultants to develop an integrated schedule that will ensure that the construction is completed by December 2022.
Except for the main tunnel of the project, which was nearly blocked owing to natural calamities, Ghising stated the progress of other constructions was positive.
“The project’s affected and Nepali residents from all over the country have engaged in the project by purchasing shares, despite taking out high-interest loans.” Due to development delays, the project’s cost is rising. “However, investors are unable to recoup their losses from the sale of electricity,” Ghising explained.
Neupane, NEA‘s Deputy Managing Director and Chairman, stated that the project’s construction had reached a critical point, and that it was vital to move forward by creating an integrated timeline to complete the remaining works.
The project’s construction will be completed on schedule, according to the company’s Chief Executive Officer Ram Gopal Siwakoti, because the contractor’s work has improved. The contractor’s representative stated that the company is committed to completing the construction on schedule by adding manpower and equipment.
When the financing agreement with the Employees Provident Fund was signed, the anticipated cost of the project was Rs. 12.28 billion, excluding interest for the construction term. The project’s current estimated cost, excluding interest for the construction term, is Rs. 15.32 billion.
The corporation has already raised capital through the issuance of common stock.
The corporation has 1.75 million general stockholders. The project is expected to produce 542.2 million units of electricity per year. NEA would pay Rs. 8.40 and Rs. 4.80 per unit for power generated by the project in the winter and rainy seasons, respectively.
The sale of electricity will bring in Rs 2.90 billion per year for the corporation.