Banking News – Preliminary work has begun on the 306 MW Upper Mugu Karnali Hydropower Project, a semi-reservoir-based project to be developed in Karmarong Rural Municipality and Chhayanath Rara Municipality of Mugu District.

The project is being promoted by Elevate Energy, which has already initiated the process of obtaining a power generation license. The company received the project’s survey license in 2020.

As part of the development process, public notices have been issued for the preparation of the project’s Environmental Impact Assessment (EIA) and feasibility study report.

According to the company, the hydropower project is expected to generate an average of 1,629 gigawatt-hours (GWh) of electricity annually. Prabin Aryal, Chief Executive Officer of Elevate Energy, said the project’s final generation capacity will be confirmed after the completion of the detailed feasibility study.

The company stated that preliminary site work has already been completed, while design optimization and headworks studies are currently underway at Hydrolab. The power station will be equipped with four vertical-axis Pelton turbines and generators.

Electricity generated by the project will be transmitted through a 55-kilometer, 400 kV double-circuit transmission line connecting to the Phukot Hub Substation.

Elevate Energy aims to begin commercial electricity generation by August 2033.

According to the Department of Electricity Development, the project has an estimated total investment of NPR 55.33 billion, based on the Environmental Impact Assessment and feasibility study reports.