Upper Lapche Hydropower issuing 10% shares to locals of Dolakaha; IPO to be decided later

ShareSansar, October 8:

Upper Lapche Hydropower Project (ULHP) is allocating its shares for the project affected residence of Dolakha.

Energy Venture (P) Ltd is the promoter of the hydropower project which is going to be developed at Lamabagar VDC of Dolkaha District. Upper Lapche River is the main tributary of Tamakoshi River. UHLP is about 25 - 30 KM north from the Upper Tamakoshi Hydropower Project.
 
Energy Venture had acquired the license from Ministry of Energy in Jestha 2067 to develop 99-MW capacity hydropower project.

According to Karobar Daily, the company is, however, not going to fix any limit for the shares to the project affected residents of Lamabagar. This means that the local will be allowed to make investment in this project according to their capacity.  Likewise, the company is set to allocate 10 percent shares to the residents of Dolakha district.

The decision to allocate the shares of the ULHP has come on the wake of the Upper Tamakoshi Hydropower Project’s preparation to issue the IPO to the project hit locals of the Lamabagar.

The estimated cost of the project is Rs 14.38 arba. The company has already completed it environmental impact assessment (EIA) of the project.  

“We are allocating at least 10 percent shares to the residents of the Dolakha and the locals of the Lamabagar can invest as much as they can,” Yuwaraj Basnet, Director of Energy Venture, told ShareSansar.

“We want to develop this as a model project by utilizing the domestic capital, resources and investment,” he added. According to Basnet, they expect to collect at least Rs 2 crore from the locals by issuing shares to them.

Likewise, he said that the company will decide upon issuing IPO after issuing the shares to the locals. “After issuing the shares to the local, we will have an investment modality. We will decide on IPO after that,” Basnet added.

According to Basnet, the company has already conducted the detailed project report (DPR) and has applied for the power purchase agreement (PPA). The company targets to complete the project by 2019.