Chinese firm put stamps on revised MoU for West seti hydro power

A subsidiary of China Three Gorges Corporation signed a revised MoU with IB for the 750-MW West Seti Hydro Power Project and the Transmission Project.

The signing of the agreement paved the way for the development of the $2 billion projects.

The agreement has ensured 10 percent equity to the local population in the Far West, allocation of 150 MW of electricity from the project to the region and multipurpose benefits from the project to the maximum extent economically possible.

Both the parties also agreed to synchronize the completion of the transmission line project with the completion of the West Seti hydro power plant.

IB CEO Radhesh Pant said the agreement was signed in line with the suggestions put forth by the Natural Resources and Means Committee of the dissolved parliament on the initial MoU between the Energy Ministry and the then China Three Gorges International, now CWE Investment Company.

"This MoU signing has put transparency and national interest on the top,"said Pant.

Both the parties have jointly agreed to update the work plan and put into place contracting terms which will help avoid cost overruns and ensure timely completion of the project. The project is expected to be completed by 2020.

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