Malaysian company to invest in Mygdi hydro project

The Malaysian Serba Dinamik Company is going to invest in the 57.3-megawatt Myagdikhola Hydroelectricity Project to be constructed in Dhaulagiri Rural Municipality.

The promoter Hydro Visual Pvt Ltd and Malaysian company have inked agreements to purchase shares, engineering and construction purposes.

Dr Mohammad Abdullah from Serba and promoter company managing director Sushil Pokharel signed and exchanged the documents to this end.

The estimated cost of the project is 100 million US Dollars. The PPA agreement for the construction was held in August in 2019.

According to the PPA agreement, the project will start generating power in five years. As per the agreement, Nepal Electricity Authority will purchase per unit power at Rs 8.40 in winter and Rs 4.80 in rainy season.