KATHMANDU, OCT 29 - A consortium of five banks and
financial institutions (BFIs) led by Nepal Bangladesh Bank (NB Bank) have
pledged financing to the 10.6 MW 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.
Source:- e-Kantipur
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