Under the leadership of Kumari Bank, 13 banks will invest 41.6 billion.
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Investments have been collected for the construction of the 216 MW Bajhang Upper Seti Hydropower Project to be built in Bajhang in the Far Western Province. 13 banks will invest 41 billion 60 million under the leadership of Kumari Bank, which will build the hydropower project.
For the project to be built in Saipal Rural Municipality-4 and 5 of Bajhang, under the leadership of Kumari Bank Limited and co-led by NMB Bank Limited, Machhapuchhre Bank, Hydroelectricity Investment and Development Company, Laxmi Sunrise Bank, Nepal Investment Mega Bank, Prabhu Bank, Nepal SBI Bank, NIC Asia Bank, Krishi Bikas Bank, Lumbini Bikas Bank, Sangrila Development Bank, Kamna Seva Bikas Bank and Co-financed management with ICFC Finance Limited.
A financial management agreement has been signed between Kumari Bank and Samriddhi Energy Limited, the promoter company of the project. The agreement was signed by Chief Executive Officer Ramchandra Khanal on behalf of Kumari Bank and Chairman Shailendra Guragai on behalf of Samriddhi Energy Limited.
The project to be constructed at a cost of around 41 billion 600 million rupees will be carried out with a ratio of 70 percent debt and 30 percent equity. The necessary financial preparation and due diligence study of the project have also been completed. The
project will be based on a semi-reservoir run-of-river system, with a peaking capacity of 4.5 hours. A continuous release of 1.41 cubic meters/second of water is planned throughout the year to maintain organic flow below the dam.
On July 19, 2080, a power purchase agreement (PPA) was signed with the Nepal Electricity Authority, and the company informed that it received power generation permission on May 31, 2081. The project is targeted to be completed within five years and start commercial production by June 31, 2088. It is estimated that 1,229.6 gigawatt hours of electricity will be produced annually from the
project. The generated electricity will be connected to the proposed 400 KV Bajhang substation of National Broadcasting Grid Company Limited through a 30 km long 220 KV double circuit transmission line from the 220 KV switchyard to be built at the project site. The total length of access road required for the
project will be 25 km. The estimated cost of the project will be around 192.5 million rupees and it is expected to generate an estimated income of 7.67 billion rupees in the first year itself. 30 percent of the equity capital of the
project is being collected by Samriddhi Energy Limited through various institutional and individual investors. Among its major investors are Siuri Nyadi Power Limited, Ngadi Group Power Limited, Sagarmatha Hydropower Company Limited, My Khola Hydropower Limited and Ash Holdings Pvt. Ltd. and Shailendra Guragain, Dr. There are experienced investors like Bhogendra Kumar Guragai and Dinesh Gurung.
