Kathmandu, Nov 23: Financial closure for the 135 MW Manang Marsyangdi Hydropower Project (MMHP) has been secured with the signing of the Loan Agreement with EXIM Bank, China. Accordingly the EXIM Bank shall provide 175,250,000 USD while the remaining of estimated cost of 323,000,000 will be met through other sources.
Butwal Power Company Limited, Chinese investors SCIG International Ltd, Xincheng International Investment Co. Ltd, and QYEC International Co. Ltd. and their joint venture company SCIG International Nepal have joint investment in Manang Marsyangdi Hydropower Project Company Limited (MMHCPL).
Sinohydro Bureau 7 C0. Ltd., China has already started the construction of MMHP and is estimated to complete the project within 42 months. The MMHP is located in Chame and Nasong Rural Municipality of Manang district. A dam will be constructed in the Marsyangdi River at Chame-3 and the powerhouse in Nasong-9. The MMHP will generate 766 GWh energy annually.
MMHP is the first project out of three hydropower projects being developed under cascade modality by the same investors, each through separate project companies. The other two projects are 139.2 MW Lower Manang Marsyangdi Hydropower Project and the 327 MW Uppder Marsyangdi-2 Hydropower Project in Manang and Lamjung districts. The combined capacity of these three projects is 601 MW with a total estimated project cost of 1.2 billion USD, according to a statement released by the MMHCPL.
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