Banks Sign Agreement to Invest in 180 MW Kaligandaki Gorge Hydropower Project
Kathmandu, March 8: A group of banks, led by Laxmi Sunrise Bank and Kaligandaki Gorge Hydropower, has signed a co-financing agreement to invest in the 180 MW Kaligandaki Gorge Hydropower Project, which will be built on the Kaligandaki River.
The total cost of the project is estimated at Rs 39.524 billion, with 75% of the investment coming from the participating banks and the remaining 25% from the project’s promoters and the public.
Laxmi Sunrise Bank has committed a significant portion of the project financing, while Global IME Bank, as a co-lead bank, has pledged Rs 7.126 billion. Siddhartha Bank, Himalayan Bank, Nepal SBI Bank, and Everest Bank are also contributing to the investment.
The Kaligandaki Gorge Hydropower Project received its power generation permit from the Department of Power Development on March 10, 2015, and signed a power purchase agreement with the Nepal Electricity Authority on March 17. The project is promoted by Sanghai Group, Vishal Group, and Gyanendra Lal Pradhan.
Upon completion by June 2029, the project is expected to generate approximately 1,056 gigawatt hours of energy annually, making it one of Nepal’s largest independent power producers.
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