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7.5 MW-Jogmai Hydro project starts power generation

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ILAM — The Ilam-based Jogmai Khola Hydro-power Project has entered the production phase. Power generated from the 7.5 Megawatt-Project has been linked to the national grid of Nepal Electricity Authority (NEA).

The project promoted by the private sector is based in the Jogmai River that runs through the confluence of Namsaling and Naya Bazar of the district.

According to project developer Sanvi Energy’s managing director Bhanu Pokhrel, power produced from the project has been supplied to the NEA’s two substations at Godak. The powerhouse is capable of producing 4.3 million units of power annually.

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As per the power purchase agreement reached between the project and NEA, the NEA shall purchase power at Rs 4.80 paisa per unit in the rainy season while in winter this prices goes up to Rs 8.40 paisa per unit.

The agreement shall remain into effect for the next 30 years. The price rate shall increase by three per cent yearly from the date of the power production on a commercial scale until the next five years.

It took 27 months to complete the project that cost Rs 1.5 billion.

The project financed by Laxmi Bank is supported by the Prabhu, Vibor Society Development and Kailash Development Banks.

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Economy

Century Commercial Bank begins joint operation

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Centuary Bank joint operation inuguration

KATHMANDU — After acquiring ‘B’ class Alpine Development Bank Limited and ‘C’ class Seti Finance Limited, Century Commercial Bank Limited has started its joint operation from Monday.

Joint operation of the bank was inaugurated by Chiranjibi Nepal, governor of Nepal Rastra Bank (NRB), according to a statement issued by the bank.

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The bank has acquired these two financial institutions to expand its capital to Rs 8 billion. The bank now had 85 branches across the country, which would soon be expanded to 100.

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