Kumari Bank and Nepal Infrastructure Bank to invest Rs 3.25 billion in 22 MW Setikhola hydel project

Two banks on Sunday agreed to invest Rs 3.25 billion in Setikhola Hydropower Project to be built in the Kaski district. An agreement this end was made in the capital city. The hydropower project of 22 megawatts is being developed by Setikhola Hydropower Company.

Kumari Bank and Nepal Infrastructure Bank would make Rs 2 billion and Rs 1.25 billion in loan investment, respectively. In the multilateral agreement, Ram Chandra Khanal of Kumari Bank, Bhupendra Pandey of Infrastructure Bank, and Anup Acharya of the promoter company signed in the contract paper.

The company has already signed the power purchase agreement (PPA) with Nepal Electricity Authority (NEA). 

According to the promoter company’s representative, construction works of the project will begin from the coming December.