Global IME Bank, Prime Power sign credit agreement for solar project

KATHMANDU: Global IME Bank and Prime Power have officially signed a credit facility agreement to develop a solar power project. The agreement was signed by Bank CEO Surendra Raj Regmi and Prime Power President Ashish Garg during a ceremony held today.

Under the agreement, Global IME Bank will invest in the 30-megawatt Kapilvastu Solar Power Project, located in Kapilvastu district. Garg stated that the company has already secured an agreement with the Nepal Electricity Authority (NEA) for the sale of electricity generated by the project, which will be connected to the national grid via substations in Chanauta, Kapilvastu.

This project is recognised as one of the highest-capacity solar initiatives in Nepal. Global IME Bank stated that renewable and green energy production is a key area of its investment strategy.