23rd May 2024, Kathmandu
Laxmi Sunrise led Consortium signs facility agreement with Super Bagmati Hydropower to finance 41.314 MW Project
A consortium of banks led by Laxmi Sunrise Bank Ltd. has signed a facility agreement with Super Bagmati Hydropower Ltd. to finance 41.314 Megawatts run-of-the-river Super Lower Bagmati Hydropower Project. The project is being constructed at Bagmati River of Lalitpur and Makwanpur districts with an estimated project cost of NPR 9.28 billion. This venture will play a crucial role in Nepal’s renewable energy landscape.
Hydropower Project in Nepal
Super Bagmati Hydropower had received the issuance of the Generation License from the Department of Electricity Development on January 26, 2022 and subsequently signed the Power Purchase Agreement with Nepal Electricity Authority on July 10, 2023. The company is being promoted by Asian Life Insurance and ANK Construction.
The banks have committed to financing approximately 74.33% of the project cost while the remaining 25.67% will be invested by the project promoters. The Project Finance (Term Loan) commitment from Laxmi Sunrise Bank is NPR 3.4 billion whereas the commitment from Everest Bank (co-lead bank) is NPR 2.5 billion and Citizens Bank International is NPR 1 billion.
Super Lower Bagmati Hydropower Project is anticipated to generate an estimated 243.8 GWh of power annually to the national grid and will be one of the large sized independent power producers (IPP) when it comes into operation in June 2028.
About Laxmi Sunrise
Formed on July 14, 2023 as a new entity from the merger of Laxmi Bank (estd. 2002) and Sunrise Bank (estd. 2007), Laxmi Sunrise is a class ‘A’ commercial bank committed to delivering unparalleled financial services to its valued customers – where the future of banking meets a rich legacy of trust and agency.
Today, through its 256 branches, 319 ATMs, 28 Extension Counters, 20 International Remittance Agents and a host of IT enabled channels, Laxmi Sunrise Bank serves a wide range of customers.
The Bank closed the previous financial year 2079/80 with a balance sheet size of NPR 361 billion that includes deposits and risk assets of NPR 300.31 billion and NPR 255.85 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.
For more details: Hydropower Project in Nepal
