The two-day Power Summit 2019 concluded here today with a collective call from all quarters to raise investment in the country’s hydropower sector.

Organised by the Independent Power Producers’ Association-Nepal (IPPAN) with the theme of ‘Powering the Asian Century’, the seventh edition of the event witnessed call from the government to raise investment in the hydropower sector and commitment from domestic and foreign investors to unleash Nepal’s hydropower potential, provided that the government facilitates investment through friendly policies.

Among others, Finance Minister Yubaraj Khatiwada said that it is the appropriate time for investors to invest in Nepal’s hydropower sector. Citing that development works in Nepal are being carried in line with the Sustainable Development Goals (SDGs), Khatiwada urged investors to invest in renewable energy and reap the benefits.

“The government wholeheartedly welcomes investors in the hydropower and other sectors and assures that investors will be facilitated by all means,” said Khatiwada.

Amid rumours that Nepal does not have enough market for the surplus energy that the country will produce in the near future, the finance minister said that the government will make sure that the generated power will not have any problem regarding the market.

“Through different means, including raising the domestic consumption of energy by promoting electric vehicles and encouraging people to increase electricity consumption in household activities, the government is ensuring domestic market for produced electricity. Likewise, we have also been focusing on external market for surplus energy and the country will soon start exporting electricity,” added Khatiwada.

Addressing the closing ceremony, Minister for Physical Infrastructure and Transport Basanta Kumar Nembang said that bilateral and multilateral coordination in the power sector in the South Asian region is crucial to assure necessary market for energy produced in Nepal.

“As Nepal aims to produce 10,000 megawatts of electricity in the future, we should seek a regional market for power export through political and government-to-government dialogues,” he said.
Meanwhile, a number of agreements were signed during the Power Summit.

As per IPPAN, Indian government-owned NHPC Ltd and Hydroelectricity and Investment Company Ltd of Nepal reached two different agreements on investing in the power sector. Similarly, Indian Energy Ltd and IPPAN also shared a memorandum of understanding to invest in the hydropower sector of Nepal. Along with this, various other agreements were inked between power producers of Nepal and those of India, Bangladesh and Bhutan, as per IPPAN.