Citizens Bank International Paves Way for Sustainable Energy with 10 MW Siddhi Khola Hydropower Project

Citizens Bank International Limited (CZBIL) has achieved a milestone in sustainable energy by successfully completing a single loan investment agreement for the construction of the 10 MW Siddhi Khola hydropower project. The project, located in the former Samalbung and Jirmale village municipality of State no. 1, Ilam District, is a testament to the bank's commitment to fostering green energy initiatives.

The financial management agreement was formalized between Citizens Bank International Ltd. and Siddhi Hydropower Company Ltd., the promoter of the Siddhi Khola hydropower project. Mr. Roshan Malla, representing the Consortium/Infrastructure Banking Unit, and Mr. Santosh Raj Nepal, the managing director of Siddhi Hydropower Company Ltd., signed the agreement.

With an estimated project cost of approximately Rs. 1 arba 73 crores (excluding interest during the construction period), the bank has pledged a significant investment with a loan-equity ratio of 75:25. A sum of Rs. 1 arba 29 crores will be allocated for the project through loans, while the remaining expenses, including interest during the construction period, will be covered by the promoters.

The ambitious Siddhi Khola hydropower project aims to complete construction and commence electricity generation within the next 2.5 years. According to the project specifications provided by Siddhi Hydropower Company Ltd., the facility is anticipated to produce 8.805 gigawatt hours in winter, 46.911 gigawatt hours in the rainy season, and a total of 55.716 gigawatt hours annually.