Global IME bank agrees to invest in 30MW solar plant

By A Staff Reporter,Kathmandu, Oct. 22: A memorandum of understanding has been signed between Global IME Bank Limited and Prime Power Limited regarding loan investment in solar power projects.

Chief Executive Officer of the bank Surendraraj Regmi and Chairman of Prime Power Limited Ashish Garg have signed the MoU amidst a function.

According to the agreement, Prime Power Limited will construct and operate a 30 MW solar power project in Kapilvastu district.

Chairman of Prime Power Limited Garg said that the company has signed an agreement with the Nepal Electricity Authority for purchasing electricity produced by this project as well as connecting electricity to the national transmission line through the substation located at Chanauta.

The group of investors involved in this project has also invested in projects with a total installed capacity of 56 megawatts under various five solar projects in Nepal. 

The bank has been investing loans in solar and hydropower projects at reasonable interest rates in accordance with the objective of promoting its investment in renewable and green energy production, transmission and distribution, said the bank.

Global IME Bank is the first commercial bank in the private sector with a network of branches in all the districts of the country. 

The bank has been providing service to its customers from more than 1,100 service centres including 354 branch offices, 384 ATMs, 255 branchless banking services, 68 extension and revenue collection counters and three foreign representative offices.