HIMAL POWER LIMITED (HPL)

The Khimti I Hydropower Project is the first private sector power project in Nepal, based on a Build-Own-Operate-Transfer (BOOT) structure. The power plant is owned and operated through the company, Himal Power Limited.

Himal Power Limited was established in 2049 BS (1993) when Butwal Power Company (BPC) together with the Norwegian companies Statkraft SF, Alstom Power a.s. (formerly ABB Kraft), and GE Energy a.s. (formerly Kværner Energy) registered HPL under Nepal's Company Act 2021 BS.

In addition to the investors, the International Finance Corporation (IFC), the Asian Development Bank (ADB), Eksportfinans a.s., the Norwegian Agency for Development Cooperation (NORAD) and the Nordic Development Fund (NDF) have contributed to the financing of HPL.

The Khimti I Hydropower Project reached Financial Closing in June 1996 and Commercial Operation of the plant took place 4 years later, in July 2000. The total cost of constructing the power plant is approximately USD 140 million.

The financing structure⁽¹⁾

Notes

1. All amounts are shown as committed amounts according to the financing plan from Financial Closing.
2. The quasi-equity (income participation certificate (IPC) and subordinated loans) is convertable to shares.
3. In year 2000 Statcraft is in the process of selling a portion of its shares, equal to a 34% ownership interest in HPL, to the Norwegian power company BKK.
   

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