Nepal's Industrial Promotion Board (IPB) has awarded a permit to the Tudi Power Company, which will allow the developer to pursue foreign direct investments for its 48.5-MW Upper Rahughat hydropower project.
Tudi Power has already attracted about US$64.8 million in investments from China's Sichuan Gig Antai Energy Corporation, which was able to acquire 40.8 million units of the company as a result of the IPB's decision.
Meanwhile, both Tudi Power and Nepal's Himalayan Infrastructure Fund each hold 5.1 million units in the company.
The project will be located in Nepal's central Myadgi district.
The landlocked country is actively searching for ways to develop its hydroelectric power sector. HydroWorld.com reported in August that the United States Ambassador to Nepal held a conference call searching for foreign investments, while a number of other projects -- including the 140-MW Tanahu, 14-MW Kulekhani 3, and 101-MW Tamor-Mewa -- are also in development.
For more news from Asia, visit here.