LAS VEGAS, Sept. 1 2015- The global investment
bank headquatered in the United States of America, has acquired a 70%equity stake in the 440MW Tila-1 hydroelectric project and the 420 MW-Tila hydroelectric project in nthe South Asian country of Nepal.InvestBank is working in cooperation with S.C. Power Company Pvt. Ltd. to develope the two hydroelectricity projects. S.C. Power Company is Affiliated with BAstola Organization, a diverified multinational conglomerate based in Nepal.
The 440 MW Tila-1 hydroelectric project, which has a projected cost of US $649MM, will be followed by the construction of the 440MW Tila-2 hydroelectric project. The Tila-2 hydroelectric project has a project cost of US $555MM. The two hydroecectric projects will be located on the Tila River in the Kalikot district of the Karnali zone in the far-western development region of Nepal. The TilaRiver's hydropower resources will be utilized in an environmentally by the Nepal Electricity Authority and India's KSK Ventures Limited.
The social and development impact of the Tila-1 and Tila-2 hydroecectricity projects is significant. Nepal's economic and social development is being hampered by its inadequate ebergy supply. The country does not have its own reserves of oil,coal or gas. And although Nepal's most significant energy resources is water, only 1.7% of the potential 42,133 MW of economically feasible hydropower resources in the country is being utilized.
As of 2014, approximately 24% of Nepal's population did not have access to electricity. 82% of Nepal's population uses solid fules as cooking energy, with 76% of this solif fule use for cooking coming from firewood. Firewood accounts for 70% of Nepal's total energy consumption. Firewood ia an inefficient energy source and poses a threat to the country's forests. In addition, the indoor pollution caused by the burning of solid fules in open hearths in homes presents a significant health hazard. At least 7,500 annula deaths in Nepal asr attributable to solid fuel use.
The average daily household energy consumption in Nepal is about 2 KWh, which is mainly used for lightning. Assuming the average daily household consumption in Nepal remains at about 2 kWh, the 440MW Tila-1 and the 420MW Tila-2 hydroelectric projects could potentially supply power to over 6 million Nepealse households. Maxwell Pedroza, an analyst at InvestBank, stated,"We are exicted to coperate with Bastola Organization to develope these hydroelectric power projects. These projects will improve the standards of living and the health of the local people and will help prevent deforestation." Each project is expected to have a construction period of five years.
About INvestBank Corp.
InvestBank Corp. is a premire global investment bank. The investment bank's regestired corporate office is in Wilmington, Delaware, Wnited States of America. InvestBank is headquartered in Las Vegas, Nevada USA and also has office in San Diego, California, USA. InvestBank is an opportunistic firm which ebgages select clients and represents institutional sources of capital.
Bastola Organization is a diverdified multinational company conglomerate based in Nepal. Established in 1972, Bastola Organization has been a mojor contributor to NEpal's development. Bastola Organization focused on property development which continous to be he organization's flagship enterprise. Today, Bastola Organizaion diversified interest include companies such as Everest Milk Foods Ltd., Bastola Moders Bricks Pvt.Ltd., Asia Telecome(Nepal)Pvt.Ltd., and Urban Green Power Nepal Pvt.Ltd.