Laxmi Bank has completed financial closure of Mount Rasuwa Hydropower on July 14 to finance 13.424 MW run of the river Midim-1 Hydropower Project being constructed at Kwholasothar and Marsyandi rural municipality of Lumjung, Gandaki Province. The project is being built at the cost of Rs 2.938 Billion.
The project will be funded through 70% loan and 30% equity. Mount Rasuwa Hydropower has signed the Power Purchase Agreement with Nepal Electricity Authority on January 21, 2019 and the project received Generation License from the Ministry of Energy on October 29, 2020. The company is promoted by Rasuwa Construction Company along with individual promoters where Rajendra Raj Archarya is the Chairperson.
Midim-1 Hydropower Project (with the capacity of 13.424 MW) expects to contribute around 83.17 GWh of power annually to the nation and is expected to come into operation in July 2023.