Suryakunda Hydropower Appoints Nepal SBI Merchant Banking As IPO Issue Manager

Suryakunda Hydropower Limited has appointed Nepal SBI Merchant as the issue and sales manager for issuing its IPO shares. The hydropower project plans to issue 20,00,000 ordinary shares to the general public at a face value of Rs 100.

The signing agreement was conducted by Mr. Satish Neupane, Chairman of the company on behalf of Suryakunda Hydropower, and Mr. Lekhnath Pokhrel, Managing Director and Chief Executive Officer on behalf of Nepal SBI Merchant Banking Limited.

Suryakunda Hydropower Limited, situated in Nuwakot district's Dupcheswar village ward no. 1, is currently under construction as part of the Upper Tadi Khola Hydropower Project. 11 MW, approximately 50 percent of the project's construction has been completed, with a total cost estimated at Rs 220 crore and a loan of Rs 135 crore from Nepal S.B.I Bank Ltd. The majority of share investment comes from Api Power Company. The project plans to install electromechanical components from Lowell Energy Company in India and expects to be operational within the next 10 months. Once completed, the electricity generated will be connected to the Samundratar substation through an 8 km 33 KV double circuit line, ultimately supplying power to the Matatirtha, Kathmandu substation. This initiative contributes to the group's cumulative production of over 100 megawatts, contributing significantly to the country's renewable energy production.