Sanibheri Hydropower Project Secures Financial Closure

Sanibheri Hydropower Project, which is being developed by Expert Hydro Investment Company, has secured financial closure.

A consortium of banks and financial institutions, led by Citizens Bank, has agreed to finance the 44.52-megawatt project located in wards 7 and 14 of Putha Uttarganga Rural Municipality in Rukum East district.

Under the agreement, Citizens Bank will invest Rs 2.5 billion, Nabil Bank Rs 1.5 billion, and Nepal Investment Mega Bank Rs 1.2 billion. Similarly, Sanima Bank and Siddhartha Bank will each contribute Rs 1 billion.

Citizens Bank’s CEO Ganesh Raj Pokhrel and Expert Hydro’s Managing Director Santosh Raj Nepal signed a memorandum of understanding to this effect on Monday. The total cost of the project is estimated at around Rs 9.6 billion.

The run-of-river project is expected to be completed within 42 months. Electricity generated from the project will be supplied through the Baphikot Substation. The Nepal Electricity Authority has already signed a power purchase agreement (PPA) with the project. -- RSS