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SBI to invest Rs 80 billion in hydropower project of Nepal
New Delhi, Apr 09 (ANI): The State Bank of India (SBI) will be investing a total of Rs 80 billion in the Arun III hydropower project of Nepal, which has 900 megawatts (MW) electricity production capacities. The SJVN, which has been awarded with the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as loan and soon will make the formal agreement. With the completion of the project, Nepal will get 21.9 percent of the total electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a year. The Indian Government on the other hand has made the approval of 92 billion rupees that is to be invested by SJVN. With this the SJVN will invest 25 billion of its own for the mega-project and will take the charge for 25 years excluding the time for the construction of infra. The mega project is targeted to be completed by 2022's September.