Kathmandu. Eight banks led by Nepal Investment Mega Bank (NIB) are investing Rs 52.5 billion in the 341 MW Budhigandaki Hydropower Project. The agreement was signed at a program organized on Thursday.

Chief Executive Officer of Nepal Investment Mega Bank Jyoti Prakash Pandey and Director of Sahas Urja Sushil Thapa signed the agreement on behalf of the banks. The project is being built by Times Energy. Times Energy is a subsidiary of Sahas Urja.

According to the agreement, Nepal Investment Mega Bank will invest Rs 10 billion, Laxmi Sunrise Rs 8 billion, Nabil Rs 8 billion, Global IME Rs 7 billion, Machhapuchhre Rs 4 billion, Citizen, Nepal Infrastructure and Prabhu Bank Rs 3 billion each, Agriculture Development Bank Rs 2.5 billion and Hydroelectricity Investment and Development Company (HIDCL) Rs 4 billion.

The project will cost Rs 70 billion at the rate of Rs 205.3 million per megawatt. The project will raise 25 per cent i.e. Rs 17.5 billion from self-capital. 51 percent of the self-capital investment will be of courage energy. The construction of the project is scheduled to begin from December next year.