Laxmi Sunrise Consortium Signs Agreement to Finance 102 MW Upper Marshyangdi-1 Hydropower Project

A consortium of banks, led by Laxmi Sunrise Bank, has signed a facilities agreement with Upper Marshyangdi Hydropower Company Pvt. Ltd. to finance the 102 MW Upper Marshyangdi-1 Hydropower Project in Lamjung. The project, with an estimated cost of Rs. 21.40 billion, will contribute 583.03 GWh annually to Nepal’s power grid by June 2029.

Laxmi Sunrise Bank has committed Rs. 7 billion, Global IME Bank Rs. 6 billion, and Prabhu Bank Rs. 3 billion, collectively funding 74.77% of the project cost. Promoted by KC Group and Keyal Group, the project received its generation license in 2018 and signed a Power Purchase Agreement with Nepal Electricity Authority on December 24, 2024.

Laxmi Sunrise Bank, formed through the merger of Laxmi Bank and Sunrise Bank, is a leading financial institution with a balance sheet size of Rs. 395 billion and extensive customer outreach through 254 branches and over 5,000 remittance agents.