Global IME Bank Partners with Prime Power Limited for 30 MW Solar Project in Kapilvastu
Kathmandu, Nepal—October 22, 2024: Global IME Bank and Prime Power Limited have signed a significant credit facility agreement to finance the development of a 30-megawatt solar power project in Kapilvastu. The agreement was formalized in a ceremony today, with Surendra Raj Regmi, CEO of Global IME Bank, and Ashish Garg, President of Prime Power Limited, signing the documents.
The Kapilvastu Solar Power Project is set to become one of the largest solar power initiatives in Nepal. Under the agreement, Global IME Bank will provide financial support to the project, which is strategically designed to bolster the country’s renewable energy capacity. The generated electricity will be integrated into the national grid through substations in Chanauta, Kapilvastu, following an agreement between Prime Power Limited and the Nepal Electricity Authority (NEA).
Speaking at the signing, Ashish Garg highlighted the strategic importance of the project. “We have secured an agreement with NEA for the sale of electricity, ensuring the seamless integration of the power generated by the Kapilvastu project into the national transmission line,” Garg said.
Global IME Bank emphasized that the investment aligns with its broader strategy to support green and renewable energy projects. “Investing in sustainable energy is a priority for us, and this project represents a key part of our commitment to renewable energy growth,” stated CEO Surendra Raj Regmi.
Prime Power Limited, alongside its partners, has a strong track record in renewable energy projects in Nepal, with investments in projects totaling 56 megawatts across five solar initiatives. The Kapilvastu project is expected to significantly contribute to the country’s energy security and sustainable development goals.
Global IME Bank, a leader in Nepal’s private banking sector, has a vast network, including 354 branch offices, 384 ATMs, and 255 branchless banking service points across all districts. The bank has been active in financing solar and hydropower projects, offering competitive interest rates to promote the development of the renewable energy sector in Nepal.
This partnership marks a milestone in advancing Nepal’s transition to sustainable energy sources and reinforces the country’s commitment to increasing the share of renewable energy in its national energy mix.
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