Gokarna Forest Resort has been saving Rs 7.41 million annually by implementing energy and water saving measures.

The resort has invested Rs 25 million for efficient technology funded by Clean Energy Development Bank (CEDB). It has implemented a range of environment-led initiatives, including an integrated thermal system, energy-efficient lighting, and improved water management practices to save the energy cost by about one third.

The project, which is advised by International Finance Corporation (IFC), is the first of its kind in the country, according to Barsha Shrestha, deputy CEO of CEDB.

Issuing a statement, IFC said the successful use of key industry best practices reduced energy costs by 34 percent, and resulted in annual savings of $75,000 (Rs 7.41 million).

Shrestha said the payback period of the project is only of four years.

“Innovative, energy-driven financial products can support the local industry transition to sustainable energy practices and lower operation costs,” the IFC statement added.

Speaking at a program organized at the resort, Kyle F Kelhofer, IFC Country Manager, said projects like Gokarna can help Nepal realize its true potential in energy efficiency. “Innovative financing is key to enable local industry realize the benefits of sustainable energy practices and minimize dependence on expensive energy imports,” he added.