Kathmandu, February 4:
The Securities Board of Nepal (SEBON) has approved the much-awaited Initial Public Offering (IPO) of Ridi Hydropower Development Company Limited.
The regulators approved 11 lakh units of the primary shares on Monday, paving the way for the power developer to issue the IPO within two months at the face value of Rs 100.
Ridi Hydro Power has already issued the IPO of 3 lakh unit equity shares to the local residents affected or in the vicinity of the 2.4 MW Ridi Khola Small
Hydropower Project in October last year.
Ridi Khola Small Hydropower Project came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.
The developer of the project, Ridi Hydropower Development Company was registered as a private company back in Ashwin 2057 and converted to a public undertaking in Shrawan 2063.
The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 18.3 crore after the issuance of the IPO to the locals.
Civil Capital is the issue manager for Ridi Hydropower’s IPO.
After the issuance of the IPO to the general public, Ridi Hydropower’s paid-up will surge to Rs 30 crore.
ICRA Nepal has given Grade 3 credit rating to the IPO of the company, which had posted a net profit of Rs 2.12 crore in the last fiscal year 2069/70.
Ridi Hydropower Development Company, which is one of the companies in the group of Arun Valley and Rairang Hydropower development company have four projects under its belt.
Among them, three are already operational while one is under construction.
Some important information about the projects being developed/managed by Ridi Hydropower:
Ridikhola Small Hydropower Project:
Project Status : In Operation
Power Purchase Agreement : 24 August 2006 (8 Bhadra 2063 B.S.)
Construction License : 31 May 2007 (17 Jestha 2064)
Project Construction Date : 8 August 2008 (23 Bhadra 2064 B.S.)
Project Completion Date : 31 August 2009 (15 Bhadra 2066 B.S.)
Commercial Operation Date : 27 October 2009 (10 Kartik 2066 B.S.)Project Locations:
VDCs : Ruru and Digam VDCs of Gulmi & Siddeshwor VDC of Palpa district
Headworks : Digam VDC – 6 and Siddeshwor VDC – 1
Penstock Alignment : Digam VDC-6 & Ruru VDC 7, 8 & 9, Gulmi
Powerhouse : Ruru VDC Ward No. 7, Gulmi
Project Salient Features:
Type of Project : Run-of River
River Catchment : 591 sq.km
Gross Head : 94.5m
Design Discharge : 3.2 m3/sec
Installed Capacity : 2400kW
Contract Energy : 15.73GWh (Annual)
Construction Period : 24 Months
Total Project Cost : NRs. 400 million
Piluwakhola Hydropower Project (3MW)
Project status: In Operation
Arun Valley Hydropower Development Company has constructed and operating Piluwakhola Small Hydropower Project at Sankhuwasava District in Koshi Zone. This is a run of river type project located in Eastern Part of the country at Piluwa River, a tributary of Arun River. The power purchase agreement with Nepal Electricity Authority (NEA) was completed in 2000 to supply 19.56GWh per annum. The construction of this project was started in March 2000 and completed in August 2003. The plant started commercial operation from 18 September 2003. The power generated from the project is synchronized into 33kV national grid close to the project and it helped to minimize the system losses. Nearly 300 villages of Sankhuwasabha, Terathum, Bhojpur and Dhankuta districts are directly benefited from the reliable supplied by this project. It has improved the livelihood of people of these areas.
Project Location: Chainpur VDC, Sankhuwasabha Salient Features
Installed Capacity 3.0 MW
Design Discharge 3.5 m3/sec
Gross Head 112.5 meters
Contract Energy 19.547 GWh
Construction Period 36 months
Total Project Cost NRs. 326.4 million
Cost Per Kilowatt US$ 1451 Per KW (1 US $ =NRs.75)
Rairang Small Hydropower Project (500kW):
Project status : In operation since 2004 A.D.
Developed By : Rairangkhola Hydropower Development Company Limited
Project Managed By : Ridi Hydropower Development Company Limited
Renovation in 2012 A.D.
Project Locations:
VDC : Thakre VDC at Dhading district
Headworks : Thakre VDC
Powerhouse : Thakre VDC
Project Salient Features:
Type of Project : Run-of River
Gross Head : 328m
Design Discharge : 200 l/sec
Installed Capacity : 500kW
Contract Energy : 2318868 kWh (Annual)
Head Pond Area : 532 m2
Head Pond Volume : 3458.58 m3
Iwakhola Hydropower Project (9900kW):
Project Status : Under Construction
Developed By : Rairang Hydropower Development Company Limited
Project Managed By : Ridi Hydropower Development Company Limited
Environment Study : Initial Environmental Examination (IEE) approved
PPA Status : Signed on 27th Baishak 2070
Project Locations :
VDCs : Tharpu VDC of Panchthar district and Sabalakhu VDC of Taplejung district
Headworks : Sabalakhu & Tharpu VDCs
Powerhouse : Tharpu VDC
Project Salient Features:
Contract Energy:56.625GWh (Annual)
Type of Project : Run-of River
Gross Head : 100.8m
Design Discharge : 12.3 m3/sec
Installed Capacity : 9900kW
Contract Energy : 56.625GWh (Annual)
Construction Period : 30 Months
Estimated Commercial Generation : Within Mangshir 2074 B.S
Project Financials
Total Estimated Project Cost : 149.48 crore
Average Yearly Revenue : 34.47 crore
Cost per Kw in US$ : 1776
Internal Rate of Return : 15.89%
Return on Equity : 38.85%
B/C Ratio : 1.34
Simple Payback Period : 6.77 years
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