Universal Power AGM successfully conducted; approves agenda to issue IPO

Universal Power Company Limited has been developing 11 MW Lower Khare Khola Hydropower in Suri, Chankhu and Khare VDC in Dolakha district and will now be issuing Initial Public Offering this year. The company successfully conducted its AGM yesterday and has approved the agenda to issue IPO. The company has completed 45% work in the project site. The main investor of the project is CEDB Hydro fund. CEDB Hydro fund is developing 12 MW Dordi-1 Hydropower project in Dordi VDC. Universal Power has also provided an opportunity for general public to invest in the preference share of 11 MW Lower Khare Khola Hydropower Project. The company will be providing 7.5 percent dividend to the investor investing in preference shares. After this CEDB hydro fund will be developing 45 MW KasuwaKhola Hydropower and it has already managed the necessary funds from Clean Energy Development Bank. It has already constructed 4.4MW Radhi Hydropower Project, 183 MW Syange Hydropower Project and 4.4 MW partner with Butwal Power Company. In the near furture, CEDB Hydro Fund will be developing 22.87 MW Upper Myagdi, 4.99 MW Lower Rukumgad, 50MW Nar khola Hydropower, 24.31 MW Upper Narkhola Hydropower, 18.64 MW Manang Hayangu-1 project, 13.86 Solukhumbhu Bhabil-1 project, 13.86 MW Dhading, 4.73 upper Rukumgad Hydropower, 21.80 MW Super Dudh Khola Hydropower and 22.66 MW Ghustung-1 Hydropower.