Kathmandu. Laxmi Sunrise Bank has signed a consortium agreement to invest in the 70-megawatt Dudhkoshi-2 (Jaleshwor) Hydropower Project located in the Dudhkoshi River in Solukhumbu District.

Dudhkoshi Hydropower Nepal is going to construct the project. The total cost of the project is Rs 15 billion. This collaboration will play a significant role in the renewable energy landscape of Nepal.

The Dudhkoshi-2 (Jaleshwor) Hydropower Project had obtained permission from the Department of Electricity Development on September 23, 2020 and signed Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA) on November 23, 2021.

The promoters of the company are Ayu Malun Hydropower, Kadam KC, Kiran Malla, Abhidnya Malla, Bikram Gautam, Bikash Gautam, Arun Agrawal, Narendra Gupta and Dr. Himal Bhattarai and various private equity venture capitals.

The banks that participated in the consortium under the leadership of Laxmi Sunrise Bank have committed to invest 70% of the project cost. The remaining 30 percent will be invested by the promoters of the company.

Everest Bank is the co-lead bank and Sanima Bank is the member bank in the consortium and the total project finance will be Rs 10.5 billion.

The project will be completed by July 2029 and will be connected to the national grid annually and will be one of the largest independent power producers in the country.