Kathmandu. Siddhi Hydropower Company, which is preparing for the initial public offering (IPO), has been connected to the national grid from today.
The electricity generated from the Siddhi Khola Hydropower Project has been connected to the national grid through the substation constructed by the company at Lasune of Ilam. The project has been connected to the national grid after successful test of power generation.
The project is located in Siddhikhola which flows between Suryodaya Municipality and Rong Rural Municipality of Ilam. The project was constructed with a single loan of Citizens Bank with a capacity of 10 MW.
The cost of the project is Rs 21 crore per megawatt. The new management of Siddhi Hydropower has completed the project in about 2 years after signing the loan investment agreement with Citizens Bank. The project will generate 7.805 GWh in winter and 46.911 GWh in the rainy season, according to company chairman Santosh Raj Nepal.
The company’s third annual general meeting was held on January 6. The meeting had approved the proposal to issue the IPO to the general public. Currently, the process of bringing an IPO is underway, said Chairman Nepal.
