June 27: NB Bank and Nepal Bank have agreed to invest in Upper Piluwa Khola hydroelectricity project located in Sankhuwasabha in the leadership of NB bank and in collaboration of Nepal Bank. The promoter of the project is Menchhiyam Hydropower Private Limited.
Gyanendra Prasad Dhungana, CEO of NB Bank and Dipak Khadka, Chairman of Menchhiyam Hydropower signed on the investment agreement on behalf of their respective institution amid a program held on June 26. According to Chairman Khadka, the company has aimed to complete the 4.72MW project within two years.
The project has the total investment of Rs 850 million. The electricity generated in Sankhuwasabha will be distributed through national transmission line of Nepal Electricity Authority Baneswor Sub-Station via 33KB transmission line.
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