Kathmandu, Feb. 23
A consortium of two commercial banks led
by Laxmi Bank has signed agreement with Mabilung
Energy Ltd. on Monday to finance Upper Piluwa Khola-3 Hydropower Project.
The 4.95 MW run of the river project is being
constructed at Piluwa River and Sikhuwa River of Sankhuwasabha district. It is being built at a cost of around Rs. 937
million.
Mabilung
Energy had signed
the Power Purchase Agreement with Nepal Electricity Authority in March 2019 and the project received Generation
License from the Ministry of Energy in July, 2020.
The company is promoted by Asian Life
Insurance Co. Ltd., Guheswori Merchant Banking and Finance Ltd. along with
individual promoters. Rajesh Lal Shrestha leads the company.
The banks have committed to financing 70
per cent of the project cost (Rs. 655.90 million) with the remaining 30 per
cent to be invested through equity. The project finance (term loan) commitments
from Laxmi Bank is Rs. 399.90 million and from Machhapuchchhre Bank Rs. 256 million.
Mabilung
Energy
expects to contribute around 28.417 GWh of power annually for the nation and it
is expected to come into operation in February 2022, said the company in a
statement on Tuesday.
According
to NEA’s review report for FY 2019/20, a total of 15 new projects developed by
the Independent Power Producers (IPPs) with a combined installed capacity of
135.39 MW were commissioned in the FY 2019/20.
This has increased the total number of
IPP-owned projects in operation to 98 with a combined installed capacity of
696.17 MW.
Published in The Rising Nepal daily on 24 February 2021.
No comments:
Post a Comment