API Power gets survey license for generation of 40 MW Upper Chameliya Project; Plans to raise Rs 240 crore from shareholders

API Power Company Limited has got the permission from the Ministry of Energy for survey license for generation of 40 MW Upper Chameliya Project. The company has recently connected 8.5 MW electricity generated in the Naugad gadh river to the national transmission line. The company also aims complete Power Purchase Agreement for  the 8MW upper Naugadh gadh within this year to start the construction of the project. The construction of both the projects will be at Darchula district. At present the company has a paid up capital of Rs. 100 crore and to complete these two projects the company needs Rs 800 crore. As per the press release from company, the financial management of the project 70% or Rs 560 crore will be taken as loan from the bank and Rs 240 crore will be collected from the shareholders of the company.