New Delhi, Jan 11 (ANI): Bhilwara Energy Limited (BEL) announced on Wednesday that a 120 MW Likhu IV Hydro Electric Project in Nepal has received a go ahead from a consortium of Indian and Nepali banks who have pledged Rs.663 crore for the project.
Bhilwara Energy Limited (BEL) is the flagship entity of LNJ Bhilwara Group in the power sector business.
BEL Managing Director Riju Jhunjhunwala said, "This would be the group's first overseas venture in Hydro Electric space. We are proud to be first amongst Indian power developers to have taken up steps for development of Hydro Power potential of Nepal and also to export power from Nepal to India.
"This would not only help Nepal in harnessing of its hydro power potential and address its own growing needs of power but also help India in terms of supply of much needed power."
BEL CEO O P Ajmera said that the total capital out lay for the project is Rs.1020 crore.
The project has been approved for a total loan of Rs.663 crore by consortium of Indian and Nepali Bankers with IDBI Bank Ltd being the lead lender and others members of the consortium being-Oriental Bank of Commerce, Punjab and Sind Bank, Exim Bank, PTC Financial Services and Everest Bank of Nepal.
"As per Nepal India Cooperation on Hydropower (NICOH), current estimates are that Nepal has approximately 42,000 MW of economically feasible hydropower potential. However, the present situation is that Nepal has developed only approximately 600 MW of hydropower. Therefore, bulk of the economically feasible generation has not been realized yet," added Jhunjhunwala.
LNJ Bhilwara Group is among the pioneers of hydro power generation in the country and had established country's first hydro-power project financed by the International Finance Corporation, Washington.
The group is also venturing into Wind power generation with modest beginning to set up 50 MW wind farm in Satara district of Maharashtra, which is likely to be commissioned by March 2012. (ANI)