Laxmi Sunrise led Consortium signs facilities agreement with Upper Marshyangdi-1 Hydropower to finance 102 MW Project

Kathmandu, December 24, 2024 - A consortium of banks led by Laxmi Sunrise has signed a facilities agreement with Upper Marshyangdi Hydropower Company Pvt. Ltd. to finance 102 Megawatts peaking run-of-the-river Upper Marshyangdi-1 Hydropower Project. The project is being constructed at Marshyangdi River of Lamjung district with an estimated project cost of NPR 21.40 billion. This venture will play a crucial role in Nepal's renewable energy landscape.

Upper Marshyangdi Hydropower-1 had received the issuance of the Generation License from the Department of Electricity Development on December 25, 2018 and subsequently signed the Power Purchase Agreement with Nepal Electricity Authority on December 24, 2024. The company is being promoted by KC Group and Keyal Group.

The banks have committed to financing approximately 74.77% of the project cost while the remaining 25.23% will be invested by the project promoters. The Project Finance (Term Loan) commitment from Laxmi Sunrise is NPR 7 billion whereas the commitment from Global IME Bank (co-lead bank) is NPR 6 billion and Prabhu Bank is NPR 3 billion with a total term loan of NPR 16 billion.

Upper Marshyangdi-1 Hydropower Project is anticipated to generate an estimated 583.03 GWh of power annually to the national grid and will be one of the large sized independent power producers (IPP) when it comes into operation in June 2029.

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 254 branches, 27 Extension Counters, 128 branchless banking agents, over 5,000 Remittance Agents and a host of IT enabled channels, Laxmi Sunrise serves a wide range of customers. The Bank closed the previous financial year 2080/81 with a balance sheet size of NPR 395 billion that includes deposits and risk assets of NPR 333 billion and NPR 258 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.

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