Banks and financial institutions are going to invest 75 percent of the loan in electricity production, which is estimated to cost 23 billion four million.
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A financial management agreement has been signed for the production of 125 megawatts of electricity from Tamor River and Mewakhola.
Siddharth Bank led and Machhapuchhre Bank co-led the investment, Krishi Bikas Bank, Nepal SBI Bank, Jyoti Bikas Bank, ICAC Finance, Nepal Finance and Goodwill Finance are going to invest.
On October 23rd, the financial management agreement was signed by Shravan Kumar Goyal, the company's president on behalf of the production company Spark Hydro Power, and Amit Shrestha, Siddharth Bank's corporate credit head, on behalf of the bank and financial institution. Banks and financial institutions are going to invest 75 percent of the loan in the power generation, which is estimated to cost 23 billion 40 million. Founder President Bhanendra Limbu informed that 25 percent investment promoters will be raised. In the
agreement signing event, founder president Limbu along with managing director Sudeep Kumar Chaudhary, company directors were present. It is mentioned that this company has received the power generation permit license from the Electricity Development Department on 25th Ashwin 2077 and the environmental impact assessment report has been approved by the Ministry of Forests and Environment on 31st June 2075. An electricity purchase and sale agreement has also been signed between the Nepal Electricity Authority and the promoter company on 24th Ashwin 2080. Founding President Limbu informed that 25 percent of the work has been completed so far for the electricity project to be produced by Ashwin 25th, 2085.
He said that since the financial management is ensured, now the work will speed up and it will be completed on time. The electricity produced here will be connected to Dhungesanghu substation of Mewakhola Rural Municipality.
