Kathmandu: NMB Bank and Hydroelectricity Investment and Development Company (HIDCL) have signed a term sheet with Modi Jalvidyut Company to finance Upper Modi ‘A’ Hydroelectric Project (42 MW) located at Annapurna Rural Municipality, Kaksi.
Nepal Electricity is the major promoter of the project.
Having experience in financing around 46 hydropower projects, NMB Bank shall lead the project under a consortium arrangement with the inclusion of Hydroelectricity Investment and Development Company, the administrative agent to finance the project, the bank said in a press release.
The total cost of the project is estimated at Rs 9.08 billion.
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