9.51 MW Maibeni Hydropower Project starts commercial operations; IPO for locals oversubscribed by 3.63 times
Maibeni Hydropower Project with an installed capacity of 9.51 megawatts (MW) has started its commercial operations from 1st Ashwin 2078 (September 17, 2021). The hydropower plant developed in the Ilam district by Samling Power Company Ltd. (SPCL), an associate company of Urja Developers is now in full commercial operations.
Nepal Electricity Authority (NEA) declared the commencement of commercial operations of the Maibeni Hydropower Project after the successful completion of a 15 days’ trial production period following various stages of testing in the presence of the representative from NEA.
The project which has been completed two months before the Required Commercial Date of Operations (RCOD) as agreed in the Power Purchase Agreement (PPA) signed with NEA will be contributing 53.28 gigawatt-hours (GWh) of electricity to the national power grid annually.
Samling Power Company had issued Initial Public Offering (IPO) for the project affected areas people effective from Bhadra 18, 2078 (September 3, 2021) to Ashwin 01, 2078 (September 17, 2021). The IPO issued to the locals was oversubscribed by 3.63 times.
Out of the total One Million, Two Hundred and Thirty Thousand (1,230,000) ordinary shares, the company had issued Five hundred thousand (500,000) shares for the project affected areas people in the first phase.
In the second phase, the company has pipelined the issuance of the remaining Seven Hundred Thirty Thousand (730,000) IPO after accomplishing the share allocation process to the locals.
Out of the remaining public offering, fourteen thousand and six hundred (14,600) shares are reserved for the employees of Maibeni Hydropower Project while the Thirty-six thousand and five hundred (36,500) shares will be allotted in the form of mutual funds.
Likewise, six hundred, seventy-eight thousand and nine hundred (678,900) shares will be allotted to the general public through Initial public offering (IPO).
