Malaysia based company Serba Dinamik International Limited (SDIL), a wholly owned subsidiary of Serba Dinamik Holdings Berhad (SDHB) has signed a Memorandum of Understanding (MoU) with Nepal based Hydro Village Private Limited (HVPL) to cooperate and collaborate in developing and operating 57.3 MW Myagdi Khola Hydropower project.
SDHB and its group of companies are an international energy services provider which provide engineering solutions such as operation & maintenance (O&M) services and engineering, procurement, construction and commissioning (EPCC) services and have operations that cover various countries in 5 different regions in the world.
The project is estimated to cost approximately US$ 100 million and HVPL has already executed a power purchase agreement (PPA) with Nepal Electricity Authority and obtained required legal clearances from other concerned departments.
Per the MoU, SDIL will subscribe to shares in HVPL and participate in the EPCC as well as O&M of the project. The MoU is signed by the Group CEO, Dato’ Dr Ir Mohd Abdul Karim bin Abdullah and Managing Director of HVPL, Sushil Pokharel.
“This is our first clean energy venture in South Asia, and we are happy to expand our investment into this project,” Dato’ Dr Ir Mohd Abdul Karim bin Abdullah said in a statement.
Similarly, Sushil said in a statement “The potential joint venture with Serba Dinamik group, who have extensive track record in energy sector will help HVPL to secure foreign investment as well as enhancing Nepal’s technical capabilities and project financing capacity.”
The MoU was signed on 13th March in Kuala Lumpur.