GIBL signs loan agreement for Nepal’s largest solar power project
The MoU was signed by Surendra Raj Regmi, CEO of GIBL, and Aashish Garg, Chair of Prime Power Limited.
KATHMANDU: Global IME Bank Limited (GIBL) and Prime Power Limited have signed a memorandum of understanding (MoU) for financing a solar power project.
The MoU was signed by Surendra Raj Regmi, CEO of GIBL, and Aashish Garg, Chair of Prime Power Limited.
According to the agreement, Prime Power Limited will develop and operate a 30 MW capacity solar power project in Kapilvastu district.
On the occasion, Chair Garg shared that the company has already entered into an agreement with the Nepal Electricity Authority (NEA) for the purchase of electricity generated from this project, which will be connected to the national grid through the Chanuta substation.
The group of investors involved in this project has also invested in five other solar projects with a total installed capacity of 56 MW, making the group a leader in Nepal’s solar energy sector.
Among the solar projects currently operating in Nepal, this project is the largest in terms of capacity in the solar energy sector.
The bank, in line with its commitment to promoting renewable and green energy production, transmission, and distribution, has been providing loans at affordable interest rates to both solar and hydropower projects.
