HIDCL bolsters Nepal’s hydropower sector with significant investment commitments

KATHMANDU: Hydroelectricity Investment and Development Company Ltd. (HIDCL) has made remarkable strides in the hydropower sector, investing a total of Rs 21.2 billion in 18 hydropower projects thus far. Furthermore, the company has approved investments totaling Rs 26.36 billion in 30 projects, including an equity investment of Rs 5.34 billion in 12 hydropower-related companies and projects.

During the fiscal year 2022-23, CEO Arjun Kumar Gautam presented a comprehensive report on the occasion of the company’s 12th anniversary, highlighting the notable achievements. HIDCL’s financial resources have reached an impressive Rs 25.47 billion, reflecting an 11 percent increase compared to the previous fiscal year. The company’s paid-up capital stands at Rs 22.78 billion, with a reserve fund of Rs 1.99 billion and other liabilities and arrangements amounting to Rs 700 million.

Breaking down the financial resources, HIDCL has allocated Rs 9.24 billion for loan investments, Rs 12.63 billion for fixed deposits in commercial banks, and Rs 360 million for movable and immovable assets.

In terms of loan investments, HIDCL has committed to investing approximately Rs 30 billion in five projects, including the Upper Arun Hydroelectric project with a capacity of 1031 MW and the Chainpur Seti project with a capacity of 210 MW. Additionally, the company aims to invest around Rs 2.50 billion in four private sector projects through share investments.

During the fiscal year 2022-23, HIDCL has made significant investments, including Rs 590 million in shares and Rs 2.86 billion in debt investments, totaling an additional investment of Rs 3.45 billion.

It is projected that the net profit for the current fiscal year will be Rs 1.44 billion, marking a substantial 52 percent increase compared to the previous fiscal year. This growth and success underline HIDCL’s continued dedication and contribution to the development of Nepal’s hydropower sector.

Fiscal Nepal |
Thursday July 13, 2023, 01:53:38 PM |

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