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Provident Fund to Build 680 MW Hydro Power Project

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Provident Fund to Build 680 MW Hydro Power Project
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May 22: Employees Provident Fund (EPF) is set to build a 680MW hydro power project by investing from the dividend of the EPF depositors.

A permission letter was handed over to Krishna Prasad Acharya, Administrator of EPF, at the presence of Janardan Sharma, Energy Minister on May 21 to commence the hydro power project in Karnali River.

The hydro power project named 'Betan Karnali Depositors Hydropower Ltd' is to be developed with the investment of EPF and its depositors. “Forty percent of the total investment will be that of depositors,” said Mohan Panta, CEO of the company. The project will have its authorized capital of Rs 20 billion.

EPF has been accumulating 0.65 percent dividend from every depositor with a plan to invest the fund on the hydro power project.

“The semi-reservoir project will be developed within Bidyapur, Betan, Chhapre, Gutu and Bijaura VDCs of Surkhet district,” said Krishna Prasad Acharya, Administrator of EPF. 

According to EPF, it will invest Rs 1.29 billion out of the Rs 1.60 billion earned during FY 2072/73 BS in the first phase. The total cost of the project will be about Rs 80 billion.  The 600,000 depositors from civil service, Nepal Police, Nepal Army, and Armed Police as well as the depositors from the private sector will have the investment opportunity in the project. 

The Energy Ministry is also developing the project in a way to support the 10,800 MW Karnali Chisapani Hydropower Project downstream. 

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