Kathmandu. KATHMANDU: NIC Asia Bank has increased its investment portfolio in the hydropower sector. A memorandum of understanding (MoU) was signed between NMB Bank and Rasuwa Hydropower Ltd for an investment of Rs 952.0 million in 7.29 MW Falakha Hydropower Project located in Naukunda Rural Municipality, Rasuwa.
The MOU was signed by the bank’s Chairman Deepak Thapa and Assistant CEO of NIC Asia Bank, Jayendra Rawal.
The project is expected to play an important role in sustainable energy development by supporting the government’s goal of clean energy production and is targeted to generate 38.74 GWh of electricity annually in two years. The bank believes that the completion of the hydropower project will contribute to economic growth and clean environment of the country by producing clean energy in the country.
