Upper Syange Hydropower Limited (USHL) has declared that the 24.5 MW Dobhan Khola Hydropower Project, which was examined and developed under its guidance, has now been formally handed over to a newly formed entity, Dobhan Khola Hydropower Limited, following requisite legal and procedural determinations.
As stated in the resolution enacted during the company’s 64th Board of Directors meeting convened on Kartik 25, 2082, the project faced certain legal challenges that necessitated its advancement under a distinct organization. Therefore, in a Special General Meeting on Jestha 7, 2081, the shareholders agreed to create a new company to manage and facilitate the construction of the project.
The transfer procedure received official endorsements from the Department of Electricity Development on Magh 21, 2081, and from the Electricity Regulatory Commission (ERC) on Shrawan 23, 2081.
In accordance with these endorsements, the Board resolved that all expenditures made by USHL during the research and preliminary development stages of the Dobhan Khola project will be recognized as equity investment in the new entity.
As part of this agreement, USHL will invest in Dobhan Khola Hydropower Limited by acquiring 931,375 shares at a nominal value of Rs. 100 per share, totaling an investment of Rs. 9,31,37,500.
This decision was unanimously affirmed, highlighting a strategic maneuver by Upper Syange Hydropower Limited to guarantee effective project implementation and adherence to all legal and regulatory standards.
