NMB Bank announced as Lead Financer of Vision Lumbini Urja Company

NMB Bank has successfully executed financial closure of Seti Nadi Hydroelectric Project having an installed capacity of 25 MW. The project is being developed by Vision Lumbini Urja Company Limited. The project is located at Machhapuchchhre Rural Municipality and Pokhara-Lekhnath Metropolitan City, Kaski, Gandaki Province of Nepal. The agreement was signed on October 15 with lead financing from NMB Bank and Employees Provident Fund and Agricultural Development Bank as Member Bank and Financial Institution. Nepal Electricity Authority (NEA) has already facilitated the construction of the project by signing Power Purchase Agreement with a company on November 22, 2018 (1st Amendment on March 7, 2019). The total project cost stands at Rs 5 billion out of which Rs 3.50 billion has been managed by the Consortium Debt. As NMB Bank heads the signing agreement as a lead facilitator of debt package in hydro power project financing, it now rests with total number of 43 projects in its hydro portfolio.