Kathmandu, June 29 -- The 139.5 MW Lower Manang Marsyangdi Hydropower Project obtained its production licence in 2018. Its Power Purchase Agreement (PPA) was signed in 2023, according to the Department of Electricity Development. However, the promoter, Butwal Power Company, has not yet been able to secure the investment needed to begin construction.

Uttar Kumar Shrestha, chief executive officer of the company, said the project is currently in the process of financial closure in accordance with the approval of the department.

"We will complete the financial closure [the process of securing funds] this year. We are still within the permitted timeline," he said.

Promoters say there is a regulatory provision allowing up to five years after...