10MW Makarigad Hydro Projects achieves Financial Closure » lanka Transformers Private limited

10MW Makarigad Hydro Projects achieves Financial Closure

LTL became the pioneer Sri Lankan company to invest in a hydropower asset in Nepal when it acquired Makarigad Hydro Power Company in 2018. The Nepal company has signed a Power Purchase Agreement to sell electricity to Nepal Electricity Authority (NEA) for a 30 year period by developing the 10MW Hydro Power Plant in Makarigad in western Nepal. The Project is under construction. The project is financed by a 70% 15-year local currency loan. An important milestone was achieved in the project when in December 2019, the lender consortium disbursed the first tranche of the NPR 1.4 Billion long term credit facility to the company it has fulfilled the Condition Precedents for loan disbursements. The Consortium Banks are Sanima Bank, Century Commercial Bank and Nepal Credit and Commerce Bank.

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