Nepal Taps Remit-Power: NRNs to Invest in 1063 MW Upper Arun Project!

Nepal is set to build the 1,063 MW Upper Arun Hydropower Project through investments collected from Nepalis living abroad, marking a bold “Remit-Power Financing Model.”

Energy Minister Kulman Ghising said that the government plans to offer shares to Non-Resident Nepalis (NRNs) and migrant workers who regularly send remittances to Nepal. “We aim to build this project with the investment of Nepalis worldwide,” he said.

The financing modality has reached its final stage, with the project moving toward financial closure soon. The estimated cost is Rs 230 billion, to be raised through domestic investment, concessional loans, and share offerings to Nepalis abroad.

Located in Sankhuwasabha, the project has completed land acquisition and EIA works, with a completion target of within six years once construction begins.