NMB Bank executes financial closure of Super Kabeli Khola hydropower projects Business 360

NMB Bank executes financial closure of Super Kabeli Khola hydropower projects

Representatives of NMB Bank attend Syndicated Loan Agreement (SLA) signing ceremony. Photo courtesy: NMB Bank

KATHMANDU: NMB Bank has successfully executed the Financial Closure of Super Kabeli Khola A Hydropower Project having installed capacity of 13.5 MW (Snow Rivers) and Super Kabeli Khola Cascade Hydropower Project (Hilton Hydro Energy) having an installed capacity of 12 MW.

Both the projects are located in Sirijangha Rural Municipality, Taplejung. The Financial Closure Agreements of both projects have been signed with lead financing from NMB Bank and Rastriya Banijya Bank as Member Bank. Nepal Electricity Authority (NEA) has already facilitated the construction of the project by signing Power Purchase Agreement (PPA) with both companies.

Consortium Banks will finance Rs 1.89 billion and Rs 1.67 billion for the development of Super Kabeli Khola A Hydropower Project (13.5 MW) and Super Kabeli Khola Cascade Hydropower Project (12 MW) respectively. As NMB Bank heads the signing agreement as a lead facilitator of debt package in hydropower project financing, it now rests with a total number of 43 projects in its hydro portfolio.

NMB Bank has already adopted Environmental and Social Policy and started implementing Environmental and Social Management System within its business portfolio as directed by Nepal Rastra Bank guidelines on Environmental and Social Risk Management 2018. In addition, Bank is committed to applying international good practices such as IFC performance standards in project financing including hydropower sectors.

NMB Bank has been awarded the prestigious ‘Bank of the Year’ award four times, by The Bank Magazine of The Financial Times, London. The bank has been recently awarded ‘Bank of the Year 2021 Asia’ and ‘Bank of the Year 2021 Nepal’. Prior to this, the bank has already been awarded Bank of The Year Nepal in 2017, 2018, 2020.

NMB Bank is currently providing its services through 201 branches, 138 ATMs and nine extension counters.

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