Namarjun Hydro get investment from six banks


    Various six banks including the Janata Bank are to invest in the Namarjun Hydropower Project to be developed by the Himalaya Hydropower.

    The project based in Namarjun VDC of Kaski is to be developed on a joint-venture of Nepal Bangladesh Bank, Siddhartha Development Bank, Kailash Development Bank, Vibor Development Bank, Tribeni Development Bank and Kasthamandap Development Bank, Project Chief Executive Officer Sudhir Yadav.

    A bilateral agreement to this end was signed Tuesday. Employees of Ncell, telecommunication service provider, have also a share in the 12- megawatt project. The construction of the project is estimated to cost Rs 1.87 billion and is likely to complete within the thirty months since the start of work.

    The project developer has already signed a power purchase agreement (PPA) with the Nepal Electricity Authority (NEA). It is expected to enter the construction phase as an environmental impact assessment has already been carried out.

    The project is a model project going to be developed with the participation of the domestic capital, technology and investment.