January 26, 2025 - A consortium of banks led by Laxmi Sunrise has signed a facilities agreement with Remit Hydro Ltd. to finance 77.5 Megawatts run-of-the-river Ghunsa Khola Hydro-electric Project. The project is being constructed at Ghunsa River of Taplejung district with an estimated project cost of NPR 18.13 billion. This venture will play a crucial role in Nepal's renewable energy landscape. 

Ghunsa Khola Hydro-electric Project had received the issuance of the Generation License from the Department of Electricity Development on July 24, 2022 and subsequently signed the Power Purchase Agreement with Nepal Electricity Authority on May 03, 2024.

The company is being promoted by Nepal Electricity Authority (NEA), Vidyut Utpadan Co. Ltd. (VUCL) and Hydroelectricity Investment and Development Co. Ltd. (HIDCL) with combined holding of 51% and remaining portion of equity shall be raised from public shares with contribution from Remittance Holders, Project affected areas and General Public. The project falls under government program “Janata ko Jalvidyut Program - Nepal Ko Pani Janata Ko Lagani”. 

The banks have committed to financing approximately 70% of the project cost while the remaining 30% will be invested by the project promoters and public. The Project Finance (Term Loan) commitment from Laxmi Sunrise is NPR 5 billion whereas the commitment from HIDCL is NPR 3 billion, Citizen Investment Trust (CIT) is NPR 2 billion, Machhapuchchhre Bank Ltd. (MBL) is NPR 1.44 billion and Everest Bank Ltd. (EBL) is NPR 1.25 billion with a total term loan of NPR 12.694 billion.

Ghunsa Khola Hydro-electric Project is anticipated to generate an estimated 462.28 GWh of power annually to the national grid and will be one more project under government program “Janata ko Jalvidyut Program - Nepal Ko Pani Janata Ko Lagani” when it comes into operation in December 2030.

About Laxmi Sunrise

Formed on July 14, 2023 as a new entity from the merger of Laxmi Bank (estd. 2002) and Sunrise Bank (estd. 2007), Laxmi Sunrise is a class ‘A’ commercial bank committed to delivering unparalleled financial services to its valued customers - where the future of banking meets a rich legacy of trust and agency.

Today, through its 254 branches, 27 Extension Counters, 128 branchless banking agents, over 5,000 Remittance Agents and a host of IT enabled channels, Laxmi Sunrise serves a wide range of customers. The Bank closed the previous financial year 2080/81 with a balance sheet size of NPR 395 billion that includes deposits and risk assets of NPR 333 billion and NPR 258 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.