KATHMANDU: The financial closure has been confirmed for the Sanibheri Hydropower Project to be developed by the Expert Hydro Investment Company.

The different banks and financial institutions under the leadership of Citizens Bank have agreed to invest for the development of the 44.52 megawatt project, which is based in wards no. 7 and 14 of Putha Uttarganga Rural Municipality in Rukum Purba district.

As agreed, the Citizens Bank would invest Rs 2.5 billion, Nabil Bank would invest Rs 1.5 billion and Rs 1.2 billion from Nepal Investment Mega Bank.

Likewise, Sanima Bank and Siddhartha Bank would put Rs 1 billion each for the project development.

CEO of Citizens Bank Ganesh Raj Pokhrel and Managing Director of Expert Hydro Santosh Raj Nepal signed a memorandum of understanding to this effect on Monday. The total cost of the project is estimated to be around Rs 9.6 billion.

The run of the river project is targeted to be completed in 42 months and the power generated there would be supplied through the Baphikot Substation.

The Nepal Electricity Authority has already done the power purchase agreement (PPA) with the project.