KATHMANDU, 22 OCT 2014 – A consortium of 10 commercial banks has agreed to invest Rs 2.94 billion in the construction of the Khare Khola Hydropower Project.
The estimated cost of the 24.1 MW project located in Dolakha district is Rs 3.92 billion. The projectâ€™s developer Consortium Power Developers (CPD) will put up the remaining 25 percent of the cost.
CPD Chairman Lal Krishna KC and Machhapuchchhre Bank Chief Executive Officer Tulsi Ram Gautam signed the loan agreement amid a programme on Tuesday. The consortium led by Machhapuchchhre consists of Nabil Bank, Everest Bank, Global IME Bank, Nepal SBI Bank, Nepal Credit & Commerce Bank, Kumari Bank, Bank of Kathmandu , Siddhartha Bank and Nepal Bangladesh Bank.Â CPD Chief Executive Officer Dipak Nath Chalise said that they planned to complete the construction work on time. Located in Marbu and Chankhu VDCs of Dolakha district, the Khare Khola project is expected to produce 139.2 million units of electricity annually. As per the power purchase agreement signed with the Nepal Electricity Authority (NEA), the project will construct a 9-km long transmission line to connect the power plant to a sub-station at Singati which will be built by the utility company.