The Snowy Mountain Energy Corporation (SMEC) has signed a draft power purchase agreement with India's Power Trading Corporation (PTC) to sell power from the West Seti hydel project to north Indian states, according to Indian media reports. The Australian company will now get a generation license to begin construction of the 750MW storage type hydro-project. One of the most lucrative hydel schemes in the country, West Seti has been designed with the sole purpose of exporting power to India. According to the agreement, West Seti will provide eight hours of peaking power to north Indian states at the rate of IRs 2.60 per unit. It took SMEC years to reach an agreement with India's PTC. The Indian government has also begun negotiations on the construction of the Upper Karnali hydropower project in west Nepal. NEA officials believe it is almost a done deal and that the Indians might start work by the end of this year.