December 30: Machhapuchchhre Bank along with another six BFIs are providing consortium loan to Likhu 2 Hydropower Project. The Likhu 2 HEP promoted by Global Hydropower Associate is being financed by Mega Bank, Nepal SBI, Nepal Bangladesh, Everest and Vibor Society Development Bank besides Macchapuchchhre Bank.
On December 29, a memorandum of understanding (MoU) was signed between the promoter company and the BFIs regarding providing a total of Rs 4.51 billion loan to the 33.4MW capacity HEP. Neeraj Kumar Shrestha, CEO of Macchapuchchhre Bank and Moti Lal Dugar, Chairman of Global Hydropower signed the MoU amid a program.
The total cost of the HEP is estimated to be Rs 6.2 million in which the BFIs' loan investment will be 75 per cent and promoter's self-investment will be 25 per cent. The HEP is situated in Gumdel of Ramechhap and Bhakanje VDC of Solukhumbu. As per a study, a total of 182.5 million units of power will be generated from the HEP annually.
According to the power purchase agreement with Nepal Electricity Authority, the project will construct a transmission line to connect the electricity produced to New Khimti sub-station for distribution through national transmission system. The HEP promoter targets to construct the primary infrastructure within next 23 months and generate electricity within next four years.
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