Janaboli / 20 Feb, Kathmandu. The International Development Association (IDA) of the World Bank has agreed to provide an assistance of Rs 12.92 billion to Nepal for the implementation of Grid Solar and Energy Efficiency Project.
At a prgramme organised at the Ministry of Finance, Singha Durbar, today, Joint Secretary at the Ministry Madhu Kumar Marasini and World Bank Country Manager Takuya Kamata signed the agreement.
The project aims to produce 25 MW solar photovoltaic-generated electricity to supply to the grid and reduce Nepal Electricity Authority’s distribution losses. The project aims to generate 25 MW of solar photovoltaic electricity within 2015.
The project also aims at reducing the systemic electricity distribution losses drastically to 10 per cent at the end of the project period. The distribution loss reduction is said to be an alarming rate of 25 percent of the generation despite some efforts made by NEA.
It is expected that the project will contribute to lessen the present energy crisis both from the point of view of an early production of solar energy and strategic loss reduction endeavor.
The project is expected to be completed by June 2020. Government of Nepal, through a subsidiary loan agreement, will relends the total loan to NEA to implement the project.
On the occasion, Joint Secretary Marasini, on the behalf of the government, expressed sincere appreciation to the World Bank for the assistance and for its continued support in the socio-economic development of Nepal. RSS