Kathamndu, Oct 16. NMB Bank Limited has successfully executed Financial Closure of Seti Nadi Hydroelectric Project having an installed capacity of 25 MW.
The project is being developed by Vision Lumbini Urja Company Limited. The project is located at Machhapuchchhre Rural Municipality and Pokhara-Lekhnath Metropolitan City, Kaski, Gandaki Province of Nepal.
The Financial Closure Agreement has been signed on Ashwin 29, 2077 with lead financing from NMB Bank Limited and Employees Provident Fund and Agricultural Development Bank Limited as Member Bank and Financial Institution.
Nepal Electricity Authority (NEA) has already facilitated for the construction of project by signing Power Purchase Agreement (PPA) with a company on B.S. 2075/08/06 (1st Amendment on B.S.2075/11/23). The total project cost stands at NPR 5 Billion out of which NPR 3.50 billion has been managed by the Consortium Debt.
As NMB Bank Limited heads the signing agreement as a lead facilitator of debt package in hydro power project financing, it now rests with total number of 43 projects in its hydro portfolio.