Kathmandu. Sanibheri Hydropower Project is to be constructed with 75 percent investment from banks and financial sector.

Nabil Bank, Nepal Investment Mega Bank, Siddhartha Bank and Sanima Bank have signed a joint investment agreement with project promoter Expert Hydro Investment for the construction of the 44.52 MW project.

A joint investment agreement has been signed for financial management for the construction of 44.52 MW Sanibheri Hydropower Project promoted by Expert Hydro Investment Pvt Ltd under the leadership of Citizens Bank. According to the agreement, banks and financial sector will invest 75 percent and promoters will invest 25 percent in this project.

Citizens Bank has signed an agreement to construct the project at a cost of Rs 2.5 billion, Nabil Bank Rs 1.5 billion, Nepal Investment Mega Bank Rs 1.2 billion, Siddhartha Bank Rs 1 billion, Sanima Bank Rs 1 billion and promoter Expert Hydro Investment Rs 2.4 billion.

The agreement was signed in the presence of Mr. Angis Ghimire, Chairman, Expert Hydro Investment, Mr. Santosh Raj Nepal, Managing Director of the company and Mr. Ganesh Prasad Pokharel, CHIEF Executive Officer of Citizen Bank on behalf of the leading bank and Mr. Roshan Malla, Chief Infrastructure÷Consortium and Corporate Officer of the participating banks.

Sanibheri Hydropower Project is targeted to be completed within 3.5 years from the date of commencement of construction. A 23-km long 132 kv double circuit transmission line will be constructed from the switchyard of the project to the Banfikot substation of the Nepal Electricity Authority. The project will add 98.727 gigahs of electricity in the dry season and 182.386 ghz in the rainy season and 281.113 ghz of electricity will be added to the national grid of Nepal Electricity Authority.

Putha Uttarganga and Sisne rural municipalities of Rukum East district. The Sanibheri Hydropower Project will be developed by Expert Hydro Investment and the project will have the main investment of Siddhi Hydropower Company Limited, while the rest will be funded by businessmen and ordinary Nepalis at home and abroad.

Expert Hydro Investment and Siddhi Hydropower, the promoter companies of the project, have the presence of energetic youth working in the hydropower sector. Prominent businessmen from the Australian Expert Education Group are also involved in the company. The same group is involved in the construction of The Siddhi Hydropower Project. The construction work of this project will be completed in about 18 months.