International Finance Corporation (IFC) and Asian Development Bank (ADB) have signed a financing mandate letter with Nepal Water and Energy Development Company (NWEDC).

NWEDC is the developer of the Upper Trishuli-1 Hydroelectric Project (216 MW) based in Rasuwa district. A South Korean consortium of KOSEP, Daelim and Kyeryong own 75 percent stake in the project, while IFC owns 15 percent.

A local developer owns 10 percent stakes in the company, according to a press release issued in Seoul. KOSEP is a Korean government undertaking, while Daelim and Kyeryong are world renowned construction companies.

"The signing of the mandate letters will enable the financiers to begin the appraisal process," the release said, adding "Signing of the mandate letter even before signing of PDA and PPA proves the readiness of the company to develop the project."