Kathmandu. Sagarmatha Lumbini Insurance has paid compensation of Rs 425 million to Panchthar Power Company Limited. The hydropower project operated by the company was damaged by the floods of last Asoj.
Panchthar Power is operating a 14.9 MW hydropower project in Phalelung Rural Municipality of Panchthar. The main structure of the project was washed away and damaged due to the floods, which led to a halt in production.
The project was damaged due to the unseasonal severe floods of last Asoj. According to the insurance company, the compensation amount has been provided to the company for property damage and loss of profit insurance.
Panchthar Power had insured Sagarmatha Lumbini Insurance to receive compensation for the loss of investment in the structure of the hydropower project and the loss of income of the company due to the shutdown of electricity production.
