Arun Valley Hydropower Development Company Limited ( AHPC )

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COMPANY BACKGROUND

Hydropower Development Policy 1991, Electricity Act 1993 and Electricity by laws 1993 have opened avenues for private sector investment in hydroelectric project development in Nepal. Although, it was new to Nepalese investors, efforts had been made by a group of individuals to build and operate Piluwa Khola Hydropower Project in Sankhuwasabha district, Eastern Development Region of Nepal. Piluwa Khola Hydropower Project of 800 KW, at first was identified by the government of Nepal under small project under the study of JICA (Japanese International Fund).

A company named Arun Valley Hydropower Development Company Pvt. Ltd. was established on 12th March, 1998 under the Company Act of Nepal. It has registered with VAT no: 500103814 in Inland Revenue Department. The detailed feasibility study including environmental study of the project has been carried out by Nepalese engineers in 1998. Optimization study has finalized the size of the project into 3000 KW.

Under the Nepal Electricity Authority policy to purchase power of small hydropower project up to 5 MW at a fixed rate, the company has signed a Power Purchase Agreement (PPA) with Nepal Electricity Authority on 23 January 2000. The power purchase price was Rs.3 per unit for the wet season and Rs.4 per unit for dry season. According to agreement, the months from January to April are considered as dry season.  Project construction work completed in 3 years. The commercial operation of the plant was started in September 2003.

To make general public participation, the company converted into public limited company from the private limited company on 20th August, 2005. The company floated 30% of its share to public in June 2009. This is the first hydropower company in Nepal to float its share in premium value i.e. Rs.184 per share, where Rs.100 was face value and Rs.84 was premium value. After the public participation, there were 28584 shareholders within the company.

 

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