Another feather on API cap: Api Power & NEA signs PPA; 8 MW Upper Naugarh Gad Project to complete within 17 months

Api Power Company Limited and Nepal Electricity Authority (NEA) have signed draft copy of Power Purchase Agreement (PPA) for the 8 MW Upper Naugarh Gad Mini Hydropower Project. The company’s PPA agreement will be accomplished by this month. Api Power Company has aimed to accomplish the 8 MW Upper Naugarh Gad Hydropower Project within 17 months. The company had constructed 8.5 MW Naugarh Gad Project in the Naugarh Gad River within 17 months. The electricity has been connected to the national transmission line. Earlier, the SGM of Api Power Company had endorsed 1:2 (200%) right share for construction of hydro power projects. The money collected after the issuance of the right shares, will be used in construction of 75 MW Trishuli Galchi hydropower project.  As per the source, Api Power is also on the verge of signing PPA of 75 MW Trishuli Galchi hydropower project also. After issuing right share, the paid up capital of the company will reach to Rs 3 arba. API has earned a net profit of Rs 84 lakh in the second quarter of the Fiscal Year 2072/73. Its last traded price stood at Rs. 671  as on May 16, 2016.