Promoted by former
president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI)
Kush Kumar Joshi, Upper Mailung 'A' hydropower project has signed a consortium
financing led by Nepal Bank.
The 6.42 MW installed
capacity power project will cost a total of Rs 956.30 million, including
interest during construction, according to chairman of Energy Engineering
Joshi. "The project will cost Rs 148.95 million per MW including interest
during construction."
Of the total project
cost, the consortium banks will lend 70 per cent whereas the company will have
30 per cent equity, he said, adding that Nepal Bank is the lead bank with Nepal
Investment Bank and Civil Bank as consortium banks.
Developed by Energy
Engineering, the 6.42 MW power plant located at Gatlang VDC of Rasuwa district
and Tipling VDC of Dhading district has a net annual generation capacity of
35.775 GWh.
The hydropower project
is expected to be completed by July 2014, added Joshi, who is also leading the
Kathmandu-Hetauda fast track tunnel project through his firm, Nepal
Infrastructure Development Company.
Currently, big
business houses and industrialists are also interested in investing in
hydropower due to rising cost of operation of industries that has made the
domestic economy more expensive.
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