Kathmandu, September 5
New investors have signed up to construct Langtang Hydropower Project, to be built at Gosainkunda rural municipality of Rasuwa district by Multi Energy Development Pvt Ltd, .
Siddhartha Bank, Nepal Credit and Commerce Bank and Janata Bank under the leadership of Sunrise Bank are investing in the 20-MW project.
At a programme organised on Wednesday, a financial management agreement was signed in this regard. Chairperson of Multi Energy Development Pvt Ltd Krishna Acharya and Chief Executive Officer of Sunrise Bank Ratnaraj Bajracharya exchanged the MoU on the investment.
Out of Rs 4.5 billion estimated investment of the project, Sunrise Bank will provide Rs 1.2 billion in loan while Rs 769 million will be funded by Siddhartha Bank, Rs 522 million by NCC Bank and Rs 427 million by Janata Bank.
A target has been set to complete the construction of the project within the next two years.
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