Ridi Power Company Holds Successful AGM, Showcases Operational Success with Four Hydroelectric Projects

Ridi Power Company Limited (RIDI) successfully convened the 22nd annual general meeting held on Saturday at the Indreni Complex, New Baneshwor. The company's chairman, Sanjeev Neupane, addressed the gathering and highlighted the financial performance, including the report from the operational committee for the fiscal year 2079/80. The company has committed to distributing dividends to its shareholders for the fiscal year 2080/81 during its meeting.

The meeting also approved the financial details, including the audit report, balance sheet as of Ashad 31, 2080, profit and loss account, and cash flow statement, among other financial information. Additionally, the appointment of an auditor for the fiscal year 2080/81 was announced, along with the determination of the chairman's remuneration.

Ridi Power Company Limited has been actively involved in the operation of four hydroelectric projects under its portfolio. The company's initial hydropower project, the Rairang Khola Hydroelectric Project with a capacity of 500 kilowatts in Thakre Gaunpalika, Dhading district, has been operational since the fiscal year 2061. Subsequently, the second project, the Ridi Khola Hydroelectric Project with a capacity of 2400 kilowatts, was completed in the fiscal year 2066, supplying electricity to the national grid. The company's third project, the 9900-kilowatt Iwa Khola Hydroelectric Project in the Panchthar and Taplejung districts, was successfully commissioned, contributing to the national grid since Ashwin 20, 2076. Additionally, the fourth project, a solar power project integrated into the Butwal Grid with a capacity of 8500 kilowatts, has been continuously operational since Kartik 15, 2077, within Tilottama Municipality of Rupandehi district in Lumbini Province.

With these endeavors, the company currently manages a cumulative capacity of 21.31 megawatts from its various hydroelectric projects. Furthermore, the collaborative effort with Sajha Power Development Private Limited has led to the initiation of the Lower Balefi Hydroelectric Project with a capacity of 20 megawatts, where Kumari Bank plays a significant role as the primary investor. The company has extended investment opportunities to shareholders in the promoter shares of this project.