NMB Bank Ltd has successfully executed the financial closure of Upper Solu Khola Hydropower Project which has an installed capacity of 18 MW.
The project, being developed by Beni Hydropower Project P Ltd, is located in Beni and Tamakhani VDCs of Solukhumbu district. NMB Bank leads the consortium financing the project.
The consortium also includes Nepal Bangladesh Bank Ltd, Vibor Society Development Bank Ltd and Siddhartha Development Bank Ltd. The consortium has financed NPR2.2 billion (US$20 million) in the project which is estimated to cost NPR3.27 billion (US$30 million).
NMB Bank said:
“The financial closure of Upper Solu Khola Hydropower Project places NMB Bank as a fore runner in hydropower-project financing with a total of 30 projects in its hydro portfolio which have secured financial closure.”
NMB Bank Limited, previously known as National Merchant Bank of Zimbabwe Limited, is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe, the central bank of that country and the national banking regulator. The bank is a medium-sized financial services institution, that serves large corporations, small to medium enterprises (SMEs), as well as individuals. It maintains over a dozen offices in Zimbabwe.