Suryakunda Hydropower Limited Prepares for IPO Amidst Major Project Development

The Electricity Regulatory Commission has granted preliminary approval to Suryakunda Hydropower Limited for the issuance of an Initial Public Offering (IPO). The company is set to issue 13,79,350 shares, totaling Rs. 13 crores 79 lakhs 35 thousand.

An agreement for the IPO issuance has been completed between the company and Kumari Capital, with work progressing accordingly. The underwriting for the shares will be handled by Nepal SBI Capital.

The company is currently constructing the Upper Tadi Hydroelectric Project, which has a capacity of 11 MW. This project is being financed through a syndicated loan led by Kumari Bank Limited in collaboration with Nepal SBI Bank.

Approximately 70% of the project construction is completed. The construction is taking place in Tadi River, located in Dupcheshwar Rural Municipality of Nuwakot.

Api Power Company Limited holds a majority of the shares in this company and according to Sanjeev Neupane, the executive director of the company, the project is expected to provide additional profits to the shareholders of Api Power Company after its completion.

He also mentioned that the construction is scheduled to be completed by the month of Magh in the year 2081. The electricity generated from this project will be connected to the NEA's Samundratar substation through an 8-kilometer long 33 kV transmission line, which will significantly contribute to the electricity supply in Kathmandu. The project will incorporate advanced machinery from Folwell Energy, India.