KATHMANDU: NMB Bank has successfully executed financial closure of Seti Nadi Hydroelectric Project having an installed capacity of 25 MW.

The project is being developed by Vision Lumbini Urja Company. The project is located at Machhapuchchhre Rural Municipality and Pokhara-Lekhnath Metropolitan City, Kaski, Gandaki Province of Nepal.

The financial closure agreement was signed on Thursday with lead financing from NMB Bank and Employees Provident Fund and Agricultural Development Bank as member bank and financial institution, as per a media release. Nepal Electricity Authority (NEA) has already facilitated for the construction of the project by signing power purchase agreement (PPA) with the company. The total project cost is estimated at Rs five billion, out of which Rs 3.50 billion has been managed by the consortium debt. NMB Bank now has a total number of 43 projects in its hydro portfolio, the release adds.