By Ramesh Lamsal, Kathmandu, July 25: Employees' Provident Fund (EPF) has promised to invest Rs 12 billion for the development of Tamakoshi 'V' Hydropower Project.

This will be the EFP's lone investment in the hydropower project after Rasuwagadhi, Upper Sanzen, Sanzen and Bhotekoshi projects.

A tripartite agreement on investment was carried out on Sunday at the presence of Minister for Energy, Water Resources and Irrigation Pampha Bhusal.

Executive Director of Nepal Electricity Authority (NEA) Hitendra Dev Shakya, EPF's Administrator Tulasi Prasad Gautam and Chief Executive Officer of Tamakoshi Hydropower Project Nasib Man Pradhan agreed on a deal for the development of the 100-megawatt project. It will be a cascade project of the Upper Tamakoshi Hydropower Project.

Administrator Gautam said that the EPF was ready to make the investment adding that it was a very lucrative project.

It is said that the total cost of the project is estimated to be around Rs 16 billion and the NEA will invest Rs 4 billon for the project development.

Officials claimed that Rs 160 million will be spent for the production of each megawatt power adding that the access route for the project is already readied while developing the Upper Tamakoshi Project.

Administrator Gauatm talking to RSS said that the EPF decided to invest in this project as the transmission line was already prepared and the project was also cost-effective. He added that the project was selected as the best one via different evaluation.

The project will generate 540 Gigawatt of power annually. He added that the tender bid will be announced to begin the construction work within 10 months.

Then Executive Director of the NEA Kulman Ghising had tried to begin the project in his tenure.

Similarly, then Energy Minister Barshaman Pun also included this project in People's Hydropower Programme in his tenure.