Bhilwara Energy ties up Rs.663 crore for Nepal power plantJanuary 11th, 2012 - 9:11 pm ICT by IANS
New Delhi, Jan 11 (IANS) Bhilwara Energy, flagship entity of LNJ Bhilwara, Wednesday said it had tied up Rs.663 crore in bank loans for its 120 MW hydro-electric project in Nepal.
“A consortium of Indian and Nepali banks has pledged Rs.663 crore to the 120 MW Likhu IV hydroelectric project in Nepal being developed by a special purpose vehicle (SPV) of Bhilwara Energy Ltd,” the company said in a statement.
The total capital outlay for the project is Rs.1,020 crore and the special purpose vehicle Green Venture is a joint venture company with Triveni Energy of Nepal.
“This would be the group’s first overseas venture in hydro electric space. This would not only help Nepal in harnessing of its hydro power potential and address its own growing needs of power but also help India in terms of supply of much needed power,” said Bhilwara Energy Managing Director Riju Jhunjhunwala.
Nepal has roughly 83,000 MW of hydropower potential, half of which is economically feasible for development. So far, the country has been able to generate only about 600 MW.
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