NIC Asia Bank Invests Rs 95.20 Crores in Phalankhu Khola Hydropower Project

NIC Asia Bank has expanded its investment portfolio by increasing its focus on the hydropower sector. As part of this initiative, the bank has signed a memorandum of understanding with Rasuwa Hydropower Limited to invest Rs 95.20 crores in the 7.29 MW Phalankhu Khola Hydroelectric Project located in Naukunda Rural Municipality, Rasuwa.

The agreement was signed by Assistant CEO of NIC Asia Bank, Jayandra Rawal, and Chairman of Rasuwa Hydropower Limited, Deepak Thapa. The project aims to support Nepal’s clean energy goals and promote sustainable energy development.

The hydropower project is expected to be completed within two years and will generate approximately 38.74 GWh of electricity annually. The bank believes the investment will contribute to national economic growth as well as environmental sustainability through increased clean energy production.