Arun-3 Hydropower Project in Nepal achieves financial close

The planned 900 MW Arun-3 Hydropower Project in the Sankhuwasabha district of Nepal has achieved financial close after the NPR101 billion (US$856.4 million) investment from a consortium of banks that include two Nepalese banks, Nabil and Everest.

In 2014, the Government of Nepal has signed the Project Development Agreement (PDA) with the Investment Board of Nepal (IBN) for the development of the NP$144 billion (US$1.22 billion). The Cabinet Committee on Economic Affairs of the Indian Government has invested US$854.4 million for the project. 

With the development, the construction of the project can now proceed with the expected commercial operation by 2023.