Shimla, Oct 3 (IANS) The Himachal Pradesh State Cooperative Bank has started financing mini hydropower projects to promote power production in the state, a bank's top functionary said here Wednesday.
"We have started financing hydropower projects up to 5 MW. A loan up to Rs.6 crore can be availed at a rate of interest of 13 percent," bank chairman Chander Mohan Thakur told reporters.
He said the bank has earmarked Rs.600 crore for disbursing loans. "So far eight to 10 companies have availed the loan."
Representatives of the hydropower industry said the cost of one MW costs Rs.7-8 crore in the state.
"The plus point of the cooperative bank loan is that it is financing up to 90 percent of the project cost, whereas the loan component of the central government banks is only 70 per cent," said a hydro company official.
The gross profit of the cooperative bank, which has 184 branches, has increased from Rs.50.79 crore in March 2007 to Rs.86.62 crore in March 2012.
--Indo-Asia News Service
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