Norway quits Nepal hydropower project

Norwegian company Statkraft has said it is dropping plans to build a $1.5 billion hydropower plant in Nepal, citing bureaucratic hurdles and political instability in the troubled Himalayan nation. The Norwegian firm entered an agreement in 2007 to build the Tamakoshi III plant and generate 650 megawatts for export to India and other neighbours before transferring ownership to Nepal after 25 years.