Laxmi Sunrise signs facility agreement with Upper Seti Hydro to finance 20 MW Project

Kathmandu. Laxmi Sunrise Bank Ltd. has a facility agreement with Upper Seti Hydro Pvt. Ltd. to finance 20 Megawatts run-of-the-river Upper Seti Hydropower Project. The project is being constructed at Seti River of Kaski district with an estimated project cost of NPR 4.02 billion. This venture will play a crucial role in Nepal's renewable energy landscape.

Upper Seti Hydro had signed the Power Purchase Agreement with Nepal Electricity Authority on September 27, 2023, and subsequently, received the issuance of the Generation License from the Department of Electricity Development on January 31, 2022. The company is being promoted by KC Group.

Laxmi Sunrise Bank has pledged to be the sole financier, contributing approximately 75% of the total project cost, while the remaining 25% will be invested by the project promoters. The Project Finance (Term Loan) commitment from Laxmi Sunrise Bank stands at NPR 3.02 billion, reinforcing the bank's dedication to fostering sustainable development.

Anticipated to generate an estimated 113.51 GWh of power annually to the national grid, this venture will add to the existing 1400 MW plus capacity portfolio of the bank and underscores the continued commitment of Laxmi Sunrise towards sustainable financing and green energy initiatives.

About Laxmi Sunrise

Formed on July 14, 2023 as a new entity from the merger of Laxmi Bank (estd. 2002) and Sunrise Bank (estd. 2007), Laxmi Sunrise is a class ‘A’ commercial bank committed to delivering unparalleled financial services to its valued customers – where the future of banking meets a rich legacy of trust and agency.

Today, through its 263 branches, 328 ATMs, 28 Extension Counters, 20 International Remittance Agents and a host of IT enabled channels, Laxmi Sunrise Bank serves a wide range of customers. The Bank closed the previous financial year 2079/80 with a balance sheet size of NPR 361 billion that includes deposits and risk assets of NPR  300.31 billion and NPR 255.85 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.

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