Nepal SBI and Parbhu to finance Upper Naugadh Gadh

January 26: Nepal SBI Bank and Prabhu Bank are jointly investing in the Upper Naugadh Gadh Small Hydropower Project to be developed by Api Power Company. The two banks will invest Rs 1 billion on the 8MW hydropower project. Under the headship of Nepal SBI Bank, a memorandum of understanding regarding the investment was signed on January 25. Nepal SBI will investment Rs 550 million and Prabhu Bank will invest Rs 450 million on the project. The expected cost of Upper Naugadh Gadh project is Rs 1.44 billion. "The project aims to connect the electricity produced to the central transmission line by concluding the construction by mid-April 2018," said Sanjeev Neupane, Executive Director of Api Power.