With an aim to generate electricity by June 2010, Ankhukhola Hydropower Company has inked an agreement with six banks and financial institutions.

As per the agreement, the related banks and financial institutions will lend Rs 700 million to the hydel project that will start electricity generation by June 2010.

Prime Commercial Bank, Machhapuchchhre Bank, Sunrise Bank, Kist Bank, Kasthamandap Development Bank and Standard Finance signed the agreement to financially support the seven megawatt (MW) Ankhukhola Hydropower Project that has already finished 30 percent of its preliminary work.

The Rs 1,006 million project will get Rs 230 million from Prime Commercial Bank, Rs 170 million from Machhapuchchhre Bank, Rs 100 million each from Sunrise Bank and Kist Bank, and Rs 50 million each from Kasthamandap Development Bank and Standard Finance.

Project promoters will bear 30 percent of the total estimated cost.

Ankhukhola hydel project has 15.66 percent internal rate of returns and the payback period of the project is estimated at six years and two months.

Ankhu Khola is located in Dhading. According to the PPA, NEA will buy the electricity generated at Rs 7 per unit in dry season and Rs 4 per unit in wet season. nepalnews.com

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