Global IME Bank and Prime Power Limited Sign MoU for Solar Power Investment

Global IME Bank Limited and Prime Power Limited have signed a memorandum of understanding (MoU) for a loan investment in solar power projects.

The agreement, signed by CEO Surendra Raj Regmi and Prime Power President Ashish Garg, involves the construction and operation of a 30 MW solar power project in the Kapilvastu district.

Prime Power has also secured an agreement with the Nepal Electricity Authority to purchase the electricity generated and connect it to the national transmission line via a substation in Chanauta.

The investor group involved has previously invested in 56 MW across five solar projects, making this the largest capacity solar project in Nepal's power sector.

Global IME Bank aims to promote renewable energy investments through affordable loans for solar and hydropower projects. With over 1,100 service centers, including branches and ATMs, Global IME is the first private commercial bank in Nepal's 77 districts.