Funding agreed for Nepal Trishuli-1 hydro scheme
A syndicate of banks have agreed a funding package for the Upper Trishuli-1 hydropower project in Nepal that includes major excavations for waterways and an underground powerhouse. The group of funders, led by the International Finance Corporation (IFC), the private investment lending facillity of the World Bank Group, finalised a US$453 million loan for the 216MW project in November 2019. Project owner is the Nepal Water & Energy Development company (NWDEC), which is a special purpose venture of South Korean companies, Korea South East Power, Daelim Industrial, and Kyeryong Construction Industrial, in collaboration with IFC and local investors. Estimated total cost of the project is US$650 million, resulting in the finalised loan package covering all of the 70% debt funding required for the project.
Two of the equity partners, Daelim and Kyeryong, are also working in joint venture as the engineering, procurement and construction (EPC) contractor on the build, own, operate and transfer project.
News and Image Source: https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/news+and+events/news/cm-stories/nepal-sustainable-hydropower