The 216-megawatt Upper Seti Hydropower Project (USHP) has achieved a major milestone with the completion of its financial closure, led by Kumari Bank Limited as the consortium leader. The agreement was officially signed on Friday by Ramchandra Khanal, CEO of Kumari Bank, and Shailendra Guragain, Chairman of Samriddhi Energy Limited, the main promoter of the project.
Project Overview:
- Location: Wards 4 and 5 of Saipal Rural Municipality, Bajhang District, Sudurpashchim Province
- Installed Capacity: 216 MW
- Estimated Annual Generation: 1,229.6 GWh
- Total Cost: Rs 41.6 billion
- Financing Structure: 70% debt, 30% equity
- Completion Timeline: Commercial operation targeted by July 15, 2031
Financial Consortium Members:
The financing will be supported by a broad consortium of banks and financial institutions, including:
- Co-lead: NMB Bank Limited
- Participating institutions:
Machhapuchhre Bank
Hydroelectricity Investment and Development Company
Laxmi Sunrise Bank
Nepal Investment Mega Bank
Prabhu Bank
Nepal SBI Bank
NIC Asia Bank
Agricultural Development Bank
Lumbini Development Bank
Shangrila Development Bank
Kamana Sewa Development Bank
ICFC Finance
Other Highlights:
- The project has signed a Power Purchase Agreement (PPA) with the Nepal Electricity Authority (NEA), ensuring long-term power sales.
- It is expected to strengthen power supply in western Nepal and contribute significantly to the national grid.
Once operational, USHP will become one of Nepal’s major hydropower contributors and support the country’s goal of clean energy expansion and regional energy security.
