KATHMANDU: NMB Bank has announced that it has signed a private power purchase agreement with Saral Urja Nepal for a 50 kW grid-tie solar roof-top with net metering.

The grid-tie solar roof-top will be placed in NMB Bank’s head office in Babarmahal, Kathmandu. Under the power purchase agreement, Saral Urja will instal, own and operate the solar roof-top for 15 years, as per a statement released by the bank.

NMB will purchase all the electricity generated from the solar roof-top at a price lower than their retail grid electricity tariff with no up-front investment.

Over the 20-year life of NMB’s solar roof-top system, NMB will pay a lower price per unit from solar than from the grid.

The 50 kW will also help to avoid two million kWh imports and reduce imports by Rs 20 million over the project’s life, statement adds.