Consortium led by Everest Bank to finance Nyadi Hydropower Project

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    Everest Bank CEO AK Ahluwalia and BPC CEO Uttar Kumar Shrestha signing the agreementA consortium of banks and financial institution led by Everest Bank Ltd has decided to finance Nyadi Hydropower Ltd (30 MW).

    Issuing a statement issued by Butwal Power Company, the promoter of Nyadi Hydropower Limited, the consortium has agreed to finance Rs 4.40 billion, or 75 percent of the project cost.

    Nabil Bank Ltd, Global IME Bank Ltd, Himalayan Bank Ltd and Sunrise Bank Ltd along with state-owned Hydropower Investment and Development Company Ltd are members of the consortium.

    Everest Bank CEO AK Ahluwalia and BPC CEO Uttar Kumar Shrestha signed the agreement amid a function on Wednesday.

    BPC has majority shares in the promoter share category. Lamjung Vidhyut Bikash Company Ltd is also the promoter of the project.

    The project, which is estimated to cost Rs 6 billion, has allocated 10 percent of shares for locals of project affected areas and 15 percent for general public. The project site is located in Bahundanda VDC of Lamjung.

    CEO Shrestha said that they will start construction works from June after awarding tender for civil and electromechanical works.

    The project is expected to start generation by April 2020

    Source : Republica