KATHMANDU, OCT 30 -
A consortium of five banks and financial institutions (BFIs) led by
Nepal Bangladesh Bank (NB Bank) have pledged financing to the 106MW
Balefikhola Hydropower Project.
Other consortium partners are Nepal Investment Bank, Nepal Credit and
Commerce Bank, Business Universal Development Bank, and Infrastructure
Development Bank.
These BFIs signed an agreement with the project’s developer Moon-light
Hydro here on Wednesday to finance Rs 1.2 billion, according to an NB
Bank statement. The total cost of the project stands at Rs 1.74 billion,
and the promoters will invest Rs 540 million.
The project based in Golche and Silaganga areas of Sindhupalchok
district has also secured foreign investment from Japan’s E&D Co.
NB Bank CEO Gyanendra Prasad Dhungana and Moon-light Hydro Chairman
Birendra Bahadur Neupane signed the agreement. Neupane said they would
start the construction shortly and complete it on time. The project had
signed the power purchase agreement with Nepal Electricity Authority on
October 30, 2012.
The project, with a capacity of producing 98 million units of electricity annually, is scheduled to complete by June 15, 2018.
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