Laxmi Sunrise led Consortium signs facilities agreement with Kaligandaki Gorge Hydropower to finance 180 MW Project

March 06, 2025 - A consortium of banks led by Laxmi Sunrise has signed a facilities agreement with Kaligandaki Gorge Hydropower Pvt. Ltd. to finance 180 Megawatts peaking run-of-the-River Kaligandaki Gorge Hydropower Project. The project is being constructed at Kaligandaki River of Mustang and Myagdi districts with an estimated project cost of NPR 39.51 billion. This venture will play a crucial role in Nepal's renewable energy landscape.

Kaligandaki Gorge Hydropower Project had received the Generation License from the Department of Electricity Development on March 11, 2019 and subsequently signed the Power Purchase Agreement with Nepal Electricity Authority on March 01, 2023. The company is being promoted by Sanghai Group, Vishal Group and Mr. Gyanendra Lal Pradhan.

The banking consortium has committed to financing approximately 75% of the project cost, with the remaining 25% to be contributed by the project promoters and the public. Laxmi Sunrise has extended a Project Finance commitment of NPR 9 billion, while co-lead banks Global IME Bank and Siddhartha Bank have committed NPR 7.13 billion and NPR 5 billion, respectively. Additional participating banks include Himalayan Bank and Nepal SBI Bank, contributing NPR 3 billion each, and Everest Bank with NPR 2.5 billion. Collectively, the total Term Loan amounts to NPR 29.63 billion.

Kaligandaki Gorge Hydropower Project is anticipated to generate an estimated 1,056 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, 140 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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