Laxmi Bank completes financial closure to fund Midim-1 Hydropower Project; to extend loans to 13.42 MW project of Lamjung

Laxmi Bank has completed the financial closure of Mount Rasuwa Hydropower Pvt. Ltd. on July 14, 2021, to finance the 13.424 MW run of the river Midim-1 Hydropower Project being constructed at Kwholasothar and Marsyandi Rural Municipality of Lumjung, Gandaki Province. The project is being built at the cost of around NPR 2.938 Billion.

The project will be funded through a 70 percent loan and 30 percent equity. Mount Rasuwa Hydropower Pvt. Ltd. has signed the Power Purchase Agreement with Nepal Electricity Authority on January 21, 2019, and the project received Generation License from the Ministry of Energy on October 29, 2020. The company is promoted by Rasuwa Construction Company Pvt. Ltd along with individual promoters where Mr. Rajendra Raj Archarya is the Chairperson.

Midim-1 Hydropower Project (with the capacity of 13.424 MW) expects to contribute around 83.17 GWh of power annually to the nation and it is expected to come into operation on July 20, 2023.