• BIZ BRIEFS
KATHMANDU: Standard Chartered Bank Nepal Ltd (SCBNL) has signed an agreement with Alternative Energy Promotion Centre (AEPC) / Central Renewable Energy Fund (CREF) for loan loss guarantee under Sustainable Energy Challenge Fund (SECF) for financing in renewable energy sectors.
The arrangement is expected to scale up renewable energy financing in the country, as per a media release. Loan loss guarantee also is expected to ease collateral requirements while obtaining loan for sustainable initiatives.
This falls under the Nepal Renewable Energy Programme (NREP) and is a joint initiative involving government of Nepal (with the AEPC) and the British government (UK-Aid) and allows a 20 per cent guarantee cover for loans to eligible SEFC projects which includes renewable energy projects in Nepal. The NREP is dedicated to increasing private sector investment in distributed renewable energy (DRE) and increasing universal energy access, while facilitating a policy, planning, legal construct, and regulatory environment conducive to both enabling and sustaining progress in DRE market development and universal energy access.
A version of this article appears in the print on September 27, 2023, of The Himalayan Times
