Nepal has signed a memorandum of understanding (MoU) with China for construction of 1200-megawatt Budhigandaki Hydropower Project. The agreement was signed at Kathmandu on Sunday by Nepal Energy Minister Janardan Sharma and Lv Zexiang, President of China Gezhouba Water & Power (Group) Co Ltd (CGGC). <br/><br/>The project will be developed on engineering, procurement, construction and finance (EPCF) model.Prime Minister Puspa Kamal Dahal and Chinese Ambassador to Nepal Yu Hong were also present at the MoU signing ceremony. <br/><br/>Prime Minister Dahal termed it as an important project and expressed hope that CGGC will complete Budhigandaki Hydropower Project on time.<br/><br/>Nepal Cabinet on May 23 had decided to entrust Budhigandaki Hydropower Project to China Gezhouba Water & Power (Group) Co Ltd.