Mumbai, Jan 31 (UNI) GMR Infrastructure today announced that a consortium of GMR Group of Companies comprising GMR Energy Ltd (GEL) and Italian-Thai Development Project Co (ITD) of Thailand has bagged the 300 MW Upper Karnali Hydro electric Project in Nepal.
A Memorandum of Understanding (MoU) was signed in Kathmandu on January 24 between the parties and the Government of Nepal after the cabinet appointed a four-member negotiation committee to negotiate the MoU with the GMR led consortium, a release here said.
GEL is the majority partner and lead developer as per the terms of the MoU.
The developers will provide 12 per cent free energy to Government of Nepal and 27 per cent free equity to the Nepal Electricity Authority (NEA) in the SPV to be formed for this project.
The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis. The power generated from this export oriented project is also expected to be exported to the Northern grid of India.
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