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KATHMANDU, June 13: The developers of the Upper Mewa Khola Hydropower Project have signed a financial closure agreement under the leadership of Global IME Bank Limited.
According to a press statement issued by the project, the agreement on financial management was signed between the project promoter company, Saurya Holding Pvt Ltd, and the bank.
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As per the agreement, a consortium led by Global IME Bank with the participation of Laxmi Sunrise Bank will invest Rs 4.857 billion in this project.
The agreement was signed in the presence of Global IME Bank’s Chief Executive Officer Surendra Raj Regmi by Kalyan Bikram Pandey, Chief Business Officer of Global IME Bank; Manish Raj Kunwar, Chief Business Officer of Laxmi Sunrise Bank; and Mohan Bikram Karki, Managing Director of Saurya Holding Pvt. Ltd.
Surendra Raj Regmi, CEO of Global IME Bank, expressed confidence that the project will be completed within the scheduled time, contributing to the increase of the state's energy production and promoting energy exports.
The Upper Mewa Khola Hydroelectric Project, located in Taplejung district, will have a capacity of 31.92 megawatts and its estimated cost is Rs 6.37 billion. According to the agreement, the banks will invest 75 percent of the total amount, while Saurya Holding will invest the remaining 25 percent from funds raised through the issuance of rights shares.
The project is expected to be completed within three years from the start of construction.
