January 17, 2021 | Investopaper
Hydropower Investment and Development Company Limited (HIDCL) has decided to invest Rs 10.88 billion in 13 hydropower projects with a capacity of 478 MW. On the occasion of the company’s ninth anniversary, Chief Executive Officer (CEO) Chhabiraj Pokharel said that out of Rs 10.88 billion, Rs 4.98 billion has already been invested in various hydropower projects.
“Out of the loan invested by the company, four projects with a capacity of 90.4 MW have been completed,” he said. “Four projects with a capacity of 182 MW will be operational from this fiscal year if the transmission line is ensured.”
Out of the projects with loan from the company, four projects of 90.6 MW have come into operation. The 20 MW Bagmati Small Hydropower Project, 25 MW Kabeli 1 Hydropower Project, 22.1 MW Lower Hewa and 23.5 MW Solukhola Hydropower Projects have come into operation.
Similarly, four projects of 182 MW are in the process of generating electricity if the transmission line is built. The 42 MW Mistry Khola, 30 MW Nyadi, 28 MW Dordi and 82 MW Lower Solu hydropower projects are under preparation. Likewise, the World Bank is disbursing a US $ 40 million loan from the Government of Nepal for the development of the Kabeli A Hydropower Project (37.6 MW). However, the construction work of the project has been postponed due to internal reasons of the project promoter Kabeli Energy Limited.
HIDCL was established with the objective of mobilizing the necessary capital for the development of hydropower projects and related infrastructure through loans and equity investment by systematically raising capital within and outside the country. The company has an authorized capital of Rs 50 billion and issued capital of Rs 22 billion and a paid-up capital of Rs 16.5 billion so far.
The government of Nepal owns 50 percent shares in the company. Of this, 20 percent is from the Ministry of Finance, 10 percent from the Ministry of Energy, Water Resources and Irrigation, 10 percent from the Ministry of Law, Justice and Parliamentary Affairs, and 10 percent from the Office of the Comptroller and Auditor General.
Similarly, the three government-owned public institutions have 10 percent share of Employees Provident Fund, 10 percent share of Citizens Investment Fund, 10 percent share of Rastriya Trima Corporation and 20 percent share of general public.