Ten banks have agreed to jointly invest NPR 52.5 billion in the Budhi Gandaki Hydropower Project, considered the largest hydropower project in the private sector. The 341.5 MW project will be built on the border of Gorkha and Dhading districts, and an agreement between the developer, Times Energy Pvt. Ltd., and the banks was signed on Thursday.

As per the agreement, NIMB Bank will invest the highest amount at NPR 10 billion. Laxmi Sunrise Bank and Nabil Bank will each invest NPR 8 billion, Global IME Bank will invest NPR 7 billion, Machhapuchchhre Bank and Hydroelectricity Investment and Development Company Limited (HIDCL) will each invest NPR 4 billion, Prabhu Bank, Nepal Infrastructure Bank Limited, and Citizens Bank will each invest NPR 3 billion, while Agricultural Development Bank will contribute NPR 2.5 billion.

The semi-reservoir (PROR) project is estimated to cost NPR 70 billion, of which 75% will be financed through loans and 25% through equity. According to Times Energy Administrative Chief Govinda Chandra Dhungana, the project aims to be completed within five years, by Poush 2087 (January 2031).

The project will generate 1,867 GWh of electricity annually, which will be transmitted via a 45 km long 220 kV transmission line to the 400 kV Ratmate substation in Nuwakot, being constructed under the Millennium Challenge Corporation (MCC) project.

The main structure of the project will be located on the right bank of the Budhi Gandaki River, with a reservoir designed for 5 hours of daily peaking. The project’s design flow is 100.27 cubic meters per second, with a total head of 398 meters. Water from the dam will be diverted through the intake to the settling basin, headrace tunnel, surge shaft, and penstock pipe before reaching the underground powerhouse.

The underground powerhouse will house six vertical-axis Pelton turbines, each with a capacity of 57 MW. The project has already completed its feasibility study and obtained a generation license from the Department of Electricity Development on Poush 5, 2080 (December 21, 2023).