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DAM-L LS: Pacific Hydro pursues Nepal power projects (fwd)
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subject: LS: Pacific Hydro pursues Nepal power projects
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Pacific Hydro pursues Nepal power projects
AUSTRALIA: August 23, 2000
MELBOURNE - Renewable energy company Pacific Hydro
Ltd said yesterday it planned to develop three hydro electric
projects in Nepal and was setting up a Bangkok-based
company to spearhead its Asian operations.
The company said the provisionally-named SEAHydro Ltd would be
formed with Asian-based industry and financial equity partners.
Pacific Hydro managing director Jeff Harding said its first developments
would include the Nepal projects and renewable energy developments in
countries including Taiwan, Thailand, Laos and the Philippines.
"There is unlimited potential to develop new renewable energy projects
in Asia and we are well advanced in negotations with prospective Asian
partners," he said.
Pacific Hydro said it was proceeding with feasibility and development
studies on three hydro-electric projects in Nepal.
The most advanced is the A$75 million 51 megawatt Likhu IV
run-of-river hydro project which is targeted for 2006.
Harding said following a competitive selection process by the Nepal
government Pacific Hydro had been invited to apply for a development
licence with the Department of Electricity Development.
The company has also obtained the rights to conduct a feasibility study
into the Upper Trisuli 2 hydro project in Napel, which was expected to
have a capacity of at least 300 MW.
It expected to submit an expression interest for a World Bank sponsored
hydro power project with a 30 MW capacity in September.
Harding said Pacific Hydro had started commissioning the US$150
million Bakun hydro electric project in the Philippines.
The company already has about 160 MW of mostly hydro power in
Australia and New Zealand and is constructing an 18 MW windfarm.
It is 35 percent owned by Development Australia Fund (DAF) and 20
percent by American Electric Power .
Its shares were unchanged yesterday at A$1.78, within an overall higher
market.
REUTERS NEWS SERVICE
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