Upper Tamor Semi-reservoir Hydropower Project (285 MW) Secures Rs. 38.6 Billion in Investment
June 7, 2024 | Investopaper
Upper Tamor, a 285-megawatt semi-reservoir hydropower project, has secured Rs. 38.6 billion in investment, led by Everest Bank. For this, the financing agreement has been signed between the promoter company and the bank.
Pushpa Jyoti Dhungana, Chairman of Tamor Energy Ltd., and Sudesh Khaling, CEO of Everest Bank have inked the agreement.
Under Everest Bank’s leadership, the investment includes collaboration with Hydropower Investment and Development Company Limited (HIDCL) and Agricultural Development Bank. Other banks like Nepal Bank, Prabhu Bank, Laxmi Sunrise Bank, Nepal SBI Bank, and Garima Development Bank will also participate in the loan financing.
The company obtained a license for electricity generation from the Department of Energy Development on Jestha 27, 2075 BS. The investment board approved the project on Ashad 8, 2078 BS. A power purchase agreement with the Nepal Electricity Authority was signed in Mangsir 2079 BS.
The project’s estimated total cost is Rs. 55.15 billion, with 70 percent financed through loans and the remaining 30 percent from equity. The company has plans to offers shares to local and public investors.
The project, located in Phaktanglung Rural Municipality and Phungling Municipality of Taplejung district, will feature a 91-meter high and 22-meter wide dam. The powerhouse will include five turbines with a capacity of 57 megawatts each.
The project aims to start operations by 2085 BS.
Suggested Readings:
List Of Hydropower Projects In Nepal (Developed By Private Sector)
