Kathmandu. Investment has been secured for Superseti Hydropower. Sanima and Siddhartha Bank are going to invest Rs 3.78 billion in the 24-megawatt Superseti Hydro.
In which Sanima Bank has invested Rs 2.5 billion and Siddhartha Bank has invested Rs 1.28 billion. The agreement has been signed by Ashok Khadka, Chairman of Superseti Hydro, Pawan Acharya, Deputy CEO of Sanima Bank, and Sundar Kanel, CEO of Siddhartha Bank.
SN Energy Limited has started construction of the Super Seti Hydropower Project (24 MW) from 18 Falgun 2081, with the project site in Machhapuchhre Rural Municipality of Kaski district. To prevent energy from being wasted, the company has already started the process of upgrading the project to 30 MW within the construction period.
The construction period of the project will be 3 years and the target is to start production from 2084 Kartik after 3 years. Currently, the construction work of the project is progressing at a rapid pace. The total construction cost of this project is 504 crores and the cost per megawatt is 21 crores. However, the company estimates that after the upgrade, the cost per megawatt will decrease by about 2 crores to Rs. 19 crores per megawatt.
The capital required for the construction and operation of the project will be managed by 255 founding investors and 755 from bank loans. After a certain period of time, the local residents of this project and the general public will be able to take ownership as shareholders after the initial issuance of shares.
Among the founding investors of the project, the country’s renowned non-life insurance company Neco Insurance has invested 20 percent of the current capital and promoted the project, while other investors include successful energy entrepreneurs with long experience in energy development. Including experience in successfully operating other hydropower projects.
Chief Executive Officer Ashok Kumar Khadka is representing Neco Insurance as the chairman of the board of directors of this company. With Neco Insurance’s investment and experienced personnel in the energy sector playing a leading role, one can be confident that the construction work of the project will be completed within the estimated cost and production will commence within the specified period.
After production commences, a plan to connect it to the national distribution system has been ensured and a power purchase agreement has also been concluded with the Nepal Electricity Authority.
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