The Upper Tamakoshi Hydropower Limited (UTKHPL) has asked for expression of interest (EOI) for its management team from national/international firms or team of individuals through an advertisement in The Economist on January 15 making it the first public sector hydroelectricity project in the country to seek foreign management team.
“The EOI has been sought internationally as per the loan agreement with the Employees´ Provident Fund (EPF) which set pre-condition of a competent management team comprising national/international firms or individuals appointed through global competition,” said Project Director and Officiating Chief Executive Officer Mrigendra Bahadur Shrestha.
The 456 MW project to be constructed in Lamabagar, Dolakha had earlier invited controversy after the Ministry of Energy appointed Dr Arjun Karki as the executive chairman of UTKHPL on August 6, 2010 going against the loan agreement. Energy Minister Dr Prakash Sharan Mahat had then scrapped Karki´s appointment and the Supreme Court had later upheld the minister´s decision on September 3 to ensure that the loan agreement would be complied.
“They had already published the advertisements in national dailies. But the loan agreement required national/international competition for appointment of the management team and I had requested them to publish it in at least one major international publication,” revealed Administrator of EPF Dr Ramesh Bhattarai.
The UTKHPL has set a deadline of February 2 for the submission of EOI and plans to appoint the management team by June/July 2011. The sought management team would comprise a chief executive officer (CEO), a chief technical officer (CTO) and a chief finance and administration officer (CFAO).
The team to be led by the CEO may comprise national or international personnel or a combination of both. “The management team will be hired for the smooth execution, completion and commissioning of the project within the budget and the stipulated time,” said Assistant Manager of the Upper Tamakoshi Hydroelectricity Project (UTKHEP) Bimal Gurung. The project cost is estimated at Rs 35.29 billion and is scheduled to be completed by 2015.
The daily peaking run-of-the-river project will be the largest hydropower project when it comes into operation and will provide 456 MW electricity for four hours a day even during the dry season, claimed Gurung.
The Nepal Electricity Authority (NEA) will have 41% ownership of the mega-project while Nepal Telecom (6%), Citizen Investment Trust (2%), Rastriya Beema Sansthan (2%) are the other shareholders. Fifteen percent of shares would be allotted to the general public, 10% to the residents of Dolakha and the rest to the contributors in EPF, UTKHPL and NEA staff, and staff of debtor institutions.
EPF will provide Rs 10 billion in loan to the project while Nepal Telecom, Citizen Investment Trust and Rastriya Beema Sansthan will lend Rs 6 billion, Rs 2 billion and Rs 2 billion respectively. The company has signed Power Purchase Agreement (PPA) with the NEA on December 29.
http://www.ippan.org.np/enews110109.asp
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