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Under the leadership of Lakshmi Sunrise Bank, an agreement has been signed to construct the Kaligandaki Gorge hydroelectric project. An agreement has been entered into between the Bank and Kaligandaki Garj Hydropower Pvt Ltd participating in the co-financing led by the Bank.
During a ceremony held in Kathmandu, an agreement was signed between the bank and the said company to invest in the Kaligandaki hydropower project of 180 MW capacity to be built on the Kaligandaki River located in Mustang and Myagdi. The total cost of the
project is 39 billion 50 million 24 lakh rupees. According to investors, this collaboration will play an important role in Nepal's renewable energy. The project took permission for electricity generation from the Electricity Development Department on 27 February 2075. Also, on February 17, 2079, the company has signed an electricity purchase-sale agreement with the Nepal Electricity Authority. The main promoters of
company are Sanghai Group, Vishal Group and Gyanendralal Pradhan. For the construction of the said project, the bank participating in the co-financing under the leadership of Lakshmi Bank has committed to invest 75 percent of the project cost. The remaining 25 percent will be invested by the founders of the company and the general public. Lakshmi Sunrise Bank's project finance (term loan) commitment is Rs 9 billion. The company says that Global IME Bank, which is the co-leading bank, has 7.126 billion rupees and Siddharth Bank has 5 billion rupees.
In other participating banks, Himalayan Bank's 3 billion, Nepal SBI Bank's 3 billion and Everest Bank's 2.5 billion rupees, the total project finance is 29.62 billion 66 million rupees. It is stated in the statement issued by the company that the construction of the project will be completed by June 2029 and the power generation plan is planned. According to the company, 1056 gigawatt hours of energy will be connected to the national transmission line.
