Renewable Energy Alliance Secures Funding For The Construction of Photovoltaic Farm in Nepal

Kathmandu/Singapore : Renewable Energy Alliance Secures Funding For Construction of Two Photovoltaic Farm in Nepal.

Singapore Energy Firm Renewable Energy Alliance PTE Ltd has announced it has secured a loan of $2,493,162.36 USD from Swift Crypto Exchange for the construction of two photovoltaic (PV) farms with a combined capacity of 5 MW in Nepal.

The project when completed will be a major energy boost for the largely untapped solar power in the country with potential to transform the agricultural system as energy use in agriculture is very low compared to the South Asian average. The Green Energy Project will improve irrigation reliability by augmenting water in the dry season through groundwater pumping. The users of the system, who typically face water scarcity will benefit more from this arrangement.

The improved water supply will help farmers to shift towards market-oriented agriculture. Energy generated can be used for value-added agricultural activities like processing, grinding, milling and cold storage, as well as increasing the market value of products. Surplus energy can be fed back to the grid through net metering, supporting Nepal’s clean energy mission. As a result, income is generated for the irrigation system that can be spent for its repair and maintenance, which is vital for its sustainability.

Speaking during their inaugural meeting with the Minister of Agriculture and Livestock Beduram Bhusal, Renewable Energy Alliance PTE Ltd Director said they have great plans to solve Nepal's Agricultural energy needs with energy surplus fed back to the grid through net metering, thereby supporting Nepal’s clean energy mission. It has been our dream since 2017, but we are unable to actualize it because we couldn't get funding for the project from several sources and even fell victim to scammers in our quest to get funds for this project. Thanks to Frank Muller who reached out to us in December and introduced us to Swift Crypto who processed and advanced the loan to us within 5 days. To think that we almost lost the loan as we thought it was a scam at some point when we were asked to pay insurance fees to secure the loan. We are very grateful to the Management of Swift Crypto for this revolutionary funding solution that enabled firms like ours access such important funding for projects like this in today's world. We are happy to tell you here that we have secured the funds needed to start up the project and we are ready to mobilize to site as quickly as possible said the project Director Mr. Lee.

The Minister thanked them for their visit and decision to setup such an innovative project in Nepal despite all the setbacks experienced, and pledged the government's support for the smooth success of the project.

This is the first of such innovative solution in Nepal, and it will enhance energy access and availability in agriculture by improving irrigation reliability, higher crop production, greater farm income and improved food and nutritional security.

The project will also guarantee water access during dry spells, benefiting the often-affected tail users in the canals. This approach empowers water users by harnessing surplus energy through net metering, reducing water evaporation in the canals and optimising energy generation efficiency through cooling effect. Moreover, it simplifies land ownership complexities for installing solar panels on private land using canal land, which is predominantly public property. This is a win-win solution for Nepal’s transition to cleaner energy sources and an opportunity to address the challenges of the water-energy-food-ecosystem

Speaking shortly after presenting the signed agreement to the company officials, Sushil Bhatta Chief Executive Officer of the Nepal Investment Board assured the management of the Bohra Fertilizer Company of the government's readiness to sustain the existing conducive operating environment for business investments to thrive in the Province.