PDA signed for Upper Karnali

Kathmandu, September 19. Authorities from both Nepal and India have signed the project development agreement (PDA) for the Upper Karnali Hydropower Project on Friday.

The Chief Executive of Investment Board Nepal and Vice-chairman of GMR-ITD Consortium signed in the agreement paper, representing the Nepali and Indian side respectively. The Cabinet meeting yesterday had directed the Investment Board Nepal to sign the PDA deal with India’s GMR-ITD Consortium.

An IBN board meeting chaired by Prime Minister Sushil Koirala had endorsed the PDA on Wednesday. As per the agreement, Nepal will receive 27 % free equity and 12 % of free energy from the project.  After 25 years of energy production, GMR-ITD will have to handover the project to Nepal.