Financial closure confirmed for Sanibheri Hydropower Project

KATHMANDU: Financial closure has been confirmed for the Sanibheri Hydropower Project, to be developed by Expert Hydro Investment Company. Banks and financial institutions (BFIs) under the leadership of Citizens Bank have agreed to fund the 44.52 megawatt (MW) project located in wards 7 and 14 of Putha Uttarganga Rural Municipality in Eastern Rukum district.  

Citizens Bank will invest Rs 2.5 billion, with Nabil Bank contributing Rs 1.5 billion and Nepal Investment Mega Bank Rs 1.2 billion. Sanima Bank and Siddhartha Bank will each provide Rs 1 billion towards the project’s development.  

Ganesh Raj Pokhrel, Chief Executive Officer of Citizens Bank, and Santosh Raj Nepal, Managing Director of Expert Hydro Investment Company, signed a memorandum of understanding (MoU) on Monday to formalise the financing arrangements. The total cost of the project is estimated at Rs 9.6 billion.  

The run-of-the-river scheme is scheduled for completion within 42 months. Power generated by the plant will be fed into the grid via the Baphikot substation.  

Nepal Electricity Authority has already signed a power purchase agreement (PPA) with the project.

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