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NIC Asia Bank has expanded its investment portfolio in the hydropower sector as part of its strategy to diversify investments and strengthen support for clean energy development in Nepal.

In this regard, the bank has signed a memorandum of understanding with Rasuwa Hydropower Limited to invest Rs 952 million in the Falakhu Khola Hydropower Project, located in Naukunda Rural Municipality of Rasuwa district.

The project has a planned generation capacity of 7.29 MW.

The agreement was signed in a formal ceremony by Assistant Chief Executive Officer Mr. Jayendra Rawal on behalf of NIC Asia Bank and Chair Mr. Deepak Thapa on behalf of Rasuwa Hydropower Limited.

The hydropower project, which is expected to be completed within two years, aims to generate approximately 38.74 GWh of electricity annually.

The investment-backed initiative is expected to contribute significantly to Nepal’s clean energy production, supporting national goals for sustainable energy development.

The bank stated that this investment will help ensure the successful completion of the project while also contributing to economic growth and environmental sustainability through increased renewable energy generation.