Kathmandu. Kumari Bank Limited has signed an agreement to invest in the 90 MW Marsyangdi River Semi-Reservoir Hydropower Project to be constructed by MA Power on marsyangdi river flowing through Palungtar municipality of Gorkha, Rainas municipality of Lamjung district and Bhanu municipality of Tanahun district.
In the presence of MA Power Chairman Anup Acharya and Kumari Bank Limited’s Chief Business Officer Kshitij Khadka, the loan agreement was signed at a joint investment of Rs 15.18 billion by Kumari Bank Limited, Prabhu Bank Limited, Siddhartha Bank Limited, Krishi Bikas Bank Limited, Sanima Bank Limited, Employees Provident Fund, Garima Bikas Bank Limited, Lumbini Development Bank Limited and Shangri-La Development Bank Limited.
Anup Acharya, Hari Babu Neupane and Deepak Baral will invest in the project. Dolma Impact Fund will also have a self-capital investment of up to 49 per cent of the founder’s shares in the company.
Setikhola Hydropower Project 22 MW is currently being constructed from this group through Setikhola Hydropower Limited. The construction work is in the final stage. The power purchase agreement with The Nepal Electricity Authority (NEA) was signed on October 1, 2080 and commercial production was scheduled to begin on April 22, 2086.
The company’s chairman said that the environmental impact assessment report of the project is in the final stage for approval by the concerned bodies. The electricity generated from the project will be connected to 220/132 KV at Markichowk sub-station of Nepal Electricity Authority at a distance of 11.6 kilometers through 220 KV single circuit transmission line from the power house.
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