(MENAFN) Nepal announced it has signed a deal with India for the building of USD1 billion hydropower plant, Khaleej Times reported
The deal allows India's state-owned company Satluj Jal Vidyut Nigam to construct a 900-megawatt hydropower project on Nepal's Arun river, with electricity expected to start generating from 2021.
Under the deal, Nepal will receive about 22 percent of the power generated for free, while the remainder will be exported to India, thus helping the two countries deal with he crippling power-shortage problem they are currently facing.
"This project is an important achievement for both Nepal and India. There is a lot of excitement here to finally sign the agreement," the Nepal Investment Board said after the deal was signed.
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