4 banks to finance Langtang Hydel; Banks to invest Rs 2.73 arba under the leadership of Sunrise Bank

4 Banks have joined hands to invest in the 20MW Langtang Hydropower Project. Siddhartha Bank, Nepal Credit and Commerce Bank and Janata Bank will be investing in the Rasuwa based hydropower project under the leadership of Sunrise Bank.

Financial Management Agreement was signed amidst a programme on Wednesday. Chairman of Multi Energy Development Pvt Limited, Mr Krishna Acharya and CEO of Sunrise Bank, Mr Ratnaraj Bajracharya exchanged the MoU regarding the same.

The cost for the project is estimated to be Rs 4.50 arba out of which Rs 1.32 arba will be made from equity financing and remaining Rs 2.73 arba will be debt financing from the banks.

As per the agreement, Sunrise bank will finance Rs 1.02 arba, Siddhartha Bank will finance Rs 76.90 crore, NCC Bank will finance Rs 52.23 crore and Janata Bank will finance Rs 42.73 crore.

A target has been set to complete the construction of the project within the month of Poush 2077 BS.