The agreement was signed on Friday, according to a press statement issued by Dibyaswari Hydro-power Ltd, which is the main promoter.
Nepal Bank Limited is the lead bank and Kasthamandap and ACE Development Banks are partners in financing. Nepal SBI Bank has also agreed to join the consortium in principle, the statement further added.
The statement further reads: Actually, the construction work of the project was initiated last year itself by the promoters.
The investment company One O One Ltd. made up of hundreds of experienced Civil, Mechanical and Electrical Engineers and technicians is a significant investor in Sabha Khola Hydro-power project.
The ten megawatt Lower Modi also invested by One O One has already gone in production since last year. It has also invested in 18 MW Upper Solu to be constructed in Solukhumbu district, the statement further added.
The salient feature of the Sabha Khola project is that all its physical structure is within a periphery of 1.2 kilometers. It is also considered least likely for any damage of its structures generally considered one of the risky factors in Hydro-power projects.
The project is to be completed by March 15, 2015. The civil work of the project is being speeded up. Contracts for supply of Hydro-mechanical as well as Electro-mechanical equipment has already been completed.
Evacuation of the generated power shall be transmitted through the 33 kV Sub-station atTirtire near Chainpur in the district.
Several projects, big and small, are wasting the power produced because of the absence of transmission lines in the country. Sabha Khola does not have to suffer from this malaise.