Kathmandu – Financial investment has been secured for the 90-megawatt semi-reservoir-based hydropower project on the Marsyangdi River. Under the leadership of Kumari Bank, various banks have agreed to invest a total of NPR 15.1875 billion in the project.
An investment agreement has been signed between Kumari Bank, other member banks participating in co-financing, and the developer company. The MA Power Project will be constructed on the Marsyangdi River, which flows through Palungtar Municipality of Gorkha District, Rainas Municipality of Lamjung District, and Bhanu Municipality of Tanahun District.
A loan agreement has been signed between MA Power Chairman Anup Acharya and Kumari Bank’s Chief Business Officer Kshitij Khadka, in the presence of representatives from Kumari Bank, Prabhu Bank, Siddhartha Bank, Agricultural Development Bank, Sanima Bank, Employees Provident Fund, Garima Development Bank, Lumbini Development Bank, and Shangrila Development Bank.
In terms of equity investment, it will come from Anup Acharya, Haribabu Neupane, and Deepak Baral. Additionally, Dolma Impact Fund has also made an equity investment of up to 49% in the company’s founder shares. This same group is currently in the final phase of constructing the 22 MW Setikhola Hydropower Project through Setikhola Hydropower.
The Power Purchase Agreement (PPA) for the project with the Nepal Electricity Authority was signed on October 18 2023. The Required Commercial Operation Date (RCOD) for the start of commercial electricity generation is set for May 5 2029.
The Environmental Impact Assessment (EIA) report of the project is in its final stage of approval with the concerned authorities. The electricity generated by the project will be transmitted to the Nepal Electricity Authority’s Markichowk substation at 220/132 kV through an 11.6-kilometer-long 220 kV single-circuit transmission line from the power station.
Source: Arthakagaj
