Global IME Bank and Prime Power sign credit facility agreement to develop solar power project

KATHMANDU: Global IME Bank and Prime Power Limited have officially signed a credit facility agreement aimed at developing a solar power project. The agreement was signed by Bank CEO Surendra Raj Regmi and Prime Power Limited President Ashish Garg during a ceremony held on Monday.

Under this agreement, Global IME Bank will invest in the 30-megawatt Kapilvastu Solar Power Project, located in the Kapilvastu district. 

Garg said the company has already secured an agreement with the Nepal Electricity Authority for the sale of electricity generated by the project, which will be connected to the national grid via substations in Chanauta of Kapilvastu.

This project is recognized as one of the highest-capacity solar initiatives in Nepal. The Bank said that renewable and green energy production is one of its key areas of investment strategy.