KATHMANDU - Three Chinese companies have joined hands with a Nepalese company to develop at least 1,000 MW hydropower projects in Nepal in the next five years.

The joint venture between the Chinese companies and Butwal Power Company (BPC) was launched in Nepal's capital Katmandu Wednesday evening.

Sichuan Provincial Investment Group Co Ltd (SPIG), Chengdu Xingcheng Investment Group Co Ltd (CXIG) and Qing Yuan Engineering Consulting Co Ltd (QYEC) and BPC will first develop the 100MW Lower Manang Marshyangdi Hydroelectric Project, located at high Himalayan area of Gandaki zone in western Nepal.

"It will be followed by a number of other ventures," the Nepali company said in a press release.

BPC Chairman Padma Jyoti termed the cooperation a first step towards a long-term partnership as hydropower is long-term business.

Liu Guoqiang, chairman of SPIG board, said that the joint venture has opened a new platform for cooperation in energy sector under China's Belt and Road Initiative.

"We are also eager to cooperate in the areas of water management and health care sectors," he added.