BG Titan Group announced the signing of a memorandum of understanding (MOU) with partner BB Holding for the development of the 650 MW Tamakoshi 3 Hydropower Project in Nepal.

“This collaboration marks a significant milestone in Nepal’s journey towards sustainable energy independence and underscores our commitment to green development as part of our ongoing pledge with USAID,” BG Titan Group said.

The run-of-river Tamakoshi 3 Hydropower Project will be located on the Tamakoshi River in the Dolakha District and is expected to generate about 2,431.76 GWh of clean, renewable energy annually.

“Tamakoshi Hydropower Project is a transformative step in Nepal’s path to energy independence. We are proud to lead this initiative with BB Holding and look forward to collaborating with top-tier partners to make this visionary project a reality,” said Aymen Boughanmi, CEO of BG Titan Group.

The Tamakoshi 3 Hydropower Project will not only contribute to the local economy by creating jobs and improving infrastructure but will also set a precedent for future green projects in the region, BG Titan Group said. The company is exploring the best possible financing and engineering, procurement and construction (EPC) partners for the project.

The project has long been in the pipeline for development, At the beginning of 2016, Statkraft withdrew its participation in development of the Tamakoshi 3 plant. Statkraft entered an agreement with the Nepalese government in 2007 to build the US$1.5 billion plant and had completed feasibility studies and environmental and social impact assessments.

Source: Hydroreview