A consortium of banks led by Bank of Kathmandu (BoK) is
going to do the financial closure of 9.9 MW Iwakhola developed by Rairang
Hydropower Development Company Limited very soon. Rairang Hydropower
Development Company Limited is a subsidiary company of Ridi hydropower
development company limited promoted by Mr. Guru Prasad Neupane, a renowned
person in the field of Nepalese hydropower.
Rairang hydropower is a public limited company consisting of
268 shareholders including Ridi hydropower. It's 500 kW in dhading district is
in operation.
Iwa khola hydropower project (9.9 MW) is going to be the second
project of the company that lies in Panchthar and Taplejung districts in the
eastern part of Nepal .
The total project cost is estimated at NRs 1.60 billion.
Out of the total project cost, 65 percent or NRs. 1.05 billion
will be financed by the consortium of five banks. Bank of Kathmandu (BoK) is
the lead bank. The other consortium partners are Machhapuchhre Bank, Nepal
Credit and Commerce Bank, Siddhartha Bank and Citizen Bank.
|
List
of Banks
|
NRs in
million
|
|
Bank of
Kathmandu (lLead Bank)
|
28
|
|
Machhapuchhre
Bank
|
20
|
|
Siddhartha
Bank
|
20
|
|
|
16
|
|
Citizen
Bank
|
20
|
|
Total
|
104
|
The remaining 35 percent or NRs. 560 million will be equity
investment. The promoters will contribute 65 percent of the total equity or
NRs. 364 million. The remaining equity portion of NRs. 196 million (35 percent)
will be raised through IPO.
Iwa khola hydropower project has acquired all the statutory
approvals like PPA, Generation License,
IEE and so on. It has acquired 100 percent land required for the
construction and operation of the project.
It is planned to be constructed in 2 and half years from the
date of financial closure. The power generated from the project is going to be
evacuated through Amapur Substation which lies in the Kabeli Corridor
Transmission line.
The financial closure of the project is expected to be
signed within a month.
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