Kathmandu. KATHMANDU: NIC Asia Bank has increased its investment portfolio in the hydropower sector.

A memorandum of understanding (MoU) was signed between NMB Bank and Rasuwa Hydropower Ltd for an investment of Rs 952.0 million in 7.29 MW Falakha Hydropower Project located in Naukunda Rural Municipality, Rasuwa. The MOU was signed by the bank’s Assistant CEO Jayendra Rawal and Chairman of Rasuwa Hydropower Limited Deepak Thapa amidst a program organized at the bank’s office in the capital.

The hydropower project is expected to be completed within two years and generate 38.74 Ngh of electricity annually.

The bank believes that the completion of the hydropower project will contribute to economic growth and clean environment of the country by producing clean energy in the country.