Laxmi Sunrise Leads Consortium to Finance Ghunsa Khola Hydro-electric Project
Laxmi Sunrise, leading a consortium of banks, has signed a facilities agreement with Remit Hydro Ltd. to finance the 77.5 MW Ghunsa Khola Hydro-electric Project in Taplejung. The project, costing NPR 18.13 billion, will contribute significantly to Nepal's renewable energy sector. It received its Generation License on July 24, 2022, and the Power Purchase Agreement with Nepal Electricity Authority was signed on May 3, 2024.
The project is supported by the Nepal Electricity Authority, Vidyut Utpadan Co. Ltd., and Hydroelectricity Investment and Development Co. Ltd. The financing is split, with 70% from the banks and 30% from promoters and the public. Laxmi Sunrise's term loan commitment is NPR 5 billion, with other banks contributing a total of NPR 12.694 billion. The project is expected to generate 462.28 GWh annually and is set to begin operations in December 2030. Laxmi Sunrise Bank, formed by the merger of Laxmi Bank and Sunrise Bank in July 2023, provides extensive financial services across Nepal through numerous branches and agents.