NIBL and the consortium signs syndicated facilities agreement of 78 MW Sanjen Khola Hydroelectric Project

NIBL and the member banks have signed a syndicated facilities agreement of Sanjen Khola Hydroelectric Project (78 MW). Sanjen Khola Hydroelectric Project is being developed by Salasungi Power Limited, a company promoted mainly by China Harbour Engineering Company Limited, China.

CHEC, one of the fortune 500 companies, is a subsidiary of China Communications Construction Company Limited having presence in over 80 countries holding experience in construction, environmental, hydraulic engineering, power plant and energy.

The company's Sanjen Khola Hydroelectric Project, a run-of the river project, is located in Rasuwa District, Province 3 along the Sanjen Khola, a snow fed river. The project is estimated to generate 78 MegaWatt of energy with a design discharge of 9.10 cumec per second and the Net Head of about 1000 meters.

The total project cost is estimated at NPR 13.20 Billion with a 70:30 debt-equity ratio financing. The consortium led by Nepal Investment Bank Limited has Kumari Bank and Citizen Bank as partners with 92% of the equity being held by CHEC and 8% by the Nepali Partners.

NIBL has been catering its customer from 80 branches, 112 Atms, 14 extension counter, 10 revenue collection counter and 51 branchless banking counters.

The bank was awarded “Nepal’s Best Bank” from Euromoney: Awards for Excellence - 2018. It is the only bank in the country to have received the “Bank of the Year” award five times from Financial Times Group’s The Banker, a UK based Bank magazine and has received a credit rating [ICRANP-IR] A+ from ICRA Nepal (International Credit Rating Agency- Nepal).