29th January 2024, Kathmandu
Sustainable Future, Powered by Laxmi Sunrise Bank Solely Finances 20 MW Upper Seti Hydropower Project in Nepal.
Laxmi Sunrise Bank Powers
In a groundbreaking move, Laxmi Sunrise Bank proudly announces the signing of a facility agreement with Upper Seti Hydro Pvt. Ltd. to finance the construction of the 20 Megawatts run-of-the-river Upper Seti Hydropower Project. This significant venture is set to play a crucial role in shaping Nepal’s renewable energy landscape.
Laxmi Sunrise Bank has pledged to be the sole financier for the project, contributing an impressive 75% of the total estimated project cost of NPR 4.02 billion. The remaining 25% will be invested by the project promoters, KC Group.
The commitment from Laxmi Sunrise Bank, standing at NPR 3.02 billion for Project Finance (Term Loan), underscores the institution’s dedication to fostering sustainable development and green energy initiatives.
Anticipated to generate an estimated 113.51 GWh of power annually to the national grid, this hydropower project is poised to make a significant impact on Nepal’s energy sector. The venture will add to Laxmi Sunrise’s existing 1400 MW plus capacity portfolio, highlighting the institution’s continued commitment to sustainable financing and green energy initiatives.
This strategic collaboration marks a milestone in Nepal’s journey towards a more sustainable and energy-efficient future, positioning Laxmi Sunrise Bank as a key player in the nation’s renewable energy development.