This picture taken from the website of Api Power Company shows the site of Chameliya Hydropower Project.

September 29: Api Power Company has concluded the financial closure for 40MW Chameliya Hydropower Project. A consortium of banks led by Himalayan Bank has agreed to provide a loan of Rs 5.18 billion to the company. The loan amount is said to be 70 percent of the total project cost, which is estimate to be Rs 7.4 billion.

Other members of the consortium include Employees’ Provident Fund, Rastriya Banijya Bank, Nepal Bank, Nepal Bangladesh Bank and Century Commercial Bank.

The hydropower company had signed a deal for the consortium loan on Sunday (September 27). Out of the total cost of the project, the company intends to generate 30 percent financing by issuing rights shares. The company is expected to raise Rs 2.22 billion by issuing rights shares.

The 40MW Chameliya Hydropower Project is the third undertaking of Api Power Company. The project is expected to generate 264.1 million units of electricity every year.