(Yicai Global) Dec. 12 -- Three Chinese companies have linked up with a Nepalese one to develop at least 1,000 megawatts of hydropower facilities in Nepal in the next five years.
Sichuan Provincial Investment Group Co., Chengdu Xingcheng Investment Group Co., Qing Yuan Engineering Consulting Co. and Butwal Power Co. kicked off their joint venture in Nepal’s capital of Katmandu on Nov. 22.
They will first develop the 100-megawatt Lower Manang Marshyangdi Hydroelectric Project in the Gandaki Zone, a Himalayan region in western Nepal.
“It will be followed by a number of other ventures,” Butwal Power said.
This scheme is a first step towards a long-term partnership as hydropower is a long-term business, Butwal Power Chairman Padma Jyoti said.
The joint venture has opened a new platform for collaboration in the energy sector under China’s Belt and Road Initiative, said Liu Guoqiang, a chairman of Sichuan Provincial Investment Group’s board. “We are also eager to cooperate in the water management and health care sectors,” Liu said.