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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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August 23: The Office of the Auditor General (OAG) has raised concern regarding the delay in the transfer of ownership of the Khimti Hydropower Project. The Auditor General has raised the issue in the 58th Annual Report (2076/77).
As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time.
The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA.
The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed.
In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed.
The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner.
A Nepali company owns 16.90 percent shares in Himal Power.
Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important.
Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others.
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As per the pre-agreement between the Government of Nepal and the promoter company Himal Power Limited, 50 percent share ownership of the 60 MW project was to be provided to Nepal Electricity Authority on July 11, 2020. However, the ownership of the project could not be transferred within the stipulated time. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The ownership of the project has not been transferred till date. Currently, the project is being operated by signing an interim agreement between Himal Power and NEA. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The project had started commercial power generation from July 2000. As per the agreement between the government and the promoter company, 50 percent share ownership of the project was to be given to NEA free of cost 20 years after the start of power generation. However, the report of the Auditor General states that the necessary process has not been completed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In order to transfer ownership of the project, a separate company owned by both NEA and the promoter company has to be set up. However, the report states that no such company has been established. In addition, the company has to sign a new power purchase agreement with NEA. The report states that such process has not been completed due to which the transfer of ownership was delayed. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The auditor general has also raised questions about the company's share trading. According to the report, the project is expected to generate 350 million kilowatts of electricity per hour. A Norwegian company, the largest shareholder in the company, has already calculated that the profit from the transfer of 50 percent ownership of the company from July 11, 2020 will be Rs 119 million Norwegian kroner. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">A Nepali company owns 16.90 percent shares in Himal Power. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Khimti is the first hydropower project constructed with the investment of private sector. It is also the first project to be handed over to the government by the private sector. Therefore, the issue of transfer of ownership of this project is considered very important. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Himal Power Company has investments from Butwal Power Company Limited, Statcraft SF of Norway and Alstom Power S among others. </span></span></span></span></p>
<p> </p>
<p> </p>
<p> </p>
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