Mr. T. N. Acharya , FCA

First of all, I would like to thank all the stakeholders for their contribution and continuous support from which we have been able to achieve our goal and come to this stage.

Nepal is entering into the era of accelerated development ventures of large scale industrialization, constructions and enlargement of socio-economic infrastructures, it is anticipated that the demand of sustainable energy will be in rise. The sustainable energy industry has a key role in Nepal’s economic development. hydropower projects generate job, opportunities for both skilled and semi-skilled workers and also create better infrastructure, thereby fostering prosperity among the people of the region and Nepal. The Government of Nepal has liberized its policies and allowed private investors to build and operate hydropower projects; Nepal has been heading for significant development in energy sector.

Nepal is the world’s second richest country in inland water resources with as many 6000 rivers, rivulets and tributaries. The perennial qualities of Nepal’s rivers and steep geographical condition provide ideal condition for the development of the hydropower projects throughout the nation. Nepal possesses hydro power potential with feasible capacity of producing more than 43000 MW and can meet not just its own renewable and sustainable energy needs, but also serve rapidly growing demand of energy in neighboring countries like Bangladesh, India and other South Asian Countries.

We began our journey in 2016 with a vision of making contribution of renewable energy to the Nepalese Society and to join hands in the development of the country. We identified the Nupche Likhu Hydropower project located at Ramechap District of Nepal in the mid of the Year 2017. The installed capacity of the project is 57.5 MW, and it will be the first project in south Asia having heads of more than 1000 meters and will be within top 20 high head projects in the world.

We obtained Survey License of the project on date 2074/06/29. It is my pleasure to mention that, in a short span of time, we concluded Power Purchase Agreement with NEA, completed EIA (2076/06/16), secured Generation License (2076/10/12), concluded Financial Closure (2076/09/29), and completed Detailed Project Report. We have acquired all legal permissions from the Government of Nepal and other local authorities to carry out the hydropower project.

Now, we are entering into a challenging phase of hydropower development that is the construction phase. Till date, we have constructed ten kilometers of access road in the project site and camp facilities in powerhouse site. We have complete acquisition of land required for the project except Transmission line area.

As the company is led by professional team, we always strive to accomplish the project in time and within the budget and provide value for money to the investors and stakeholders. In hydropower sector, project execution delays are usually caused by multiple technical and non-technical risks which in turn increase the cost of the project. Our team having lot of experience and exposure in the hydropower industry are capable of dealing with the technical and non-technical risks that we may encounter during the execution of this project. Having professional trust and faith we always demonstrate the utmost corporate discipline and transparency in execution of the project in line with the corporate governance guidelines. We have formulated various Manuals and Guidelines eg; Finance Manual, Administration Guidelines, Human Resource Manual, Performance Evaluation Guidelines, Branding Guidelines, Internal Audit Guidelines, Salary Revision Guidelines, Project Management Guidelines etc. And, further, we introduced knowledge based innovations to reduce the construction time and eliminate uncertain risk.

In line with our vision and mission, we are pursuing various initiatives for both short term and long term benefits to our shareholders (stakeholders). In future, we see VEPL moving from medium to large hydropower projects, even acquiring already commissioned projects to save valuable execution time. We believe in creating partnership with the communities so that the benefits from the development aligned to their needs. Our model has successfully demonstrated that it is possible to garner the support of local people for hydropower development by harmonization of the commercial objectives with the social objectives.

I would like to thank all our investors who put their faith in us. I am grateful to all the stakeholders NEA, DOED, Financial Institutions who have contributed from their respective positions and places to make us accomplish this feat of achievement in this short span of time.

In closing, I wish the new year 2077 will be happy, healthy and prosperous year for everyone, including all our investors, stakeholders and staffs.

Thank You.