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घिसिंगले २ दिन अघि right share दिने कुनै

योजना छैन चिलिमेको ,
भनेका थिए तर २ दिन पछिनै उनको यस्तो आर्टिकल सार्बजनिक

गर्न share sansar team लाई के ले अभिप्रेरित गर्यो कुन्नि ?

Ghising also made it clear that they do not have any problem to fund all these projects, and thereby refuted rumors that CHCL might issue right shares to this effect.

afno share bechne dau ho

Chilime plans 500MW by 2020, seeks license for another 400MW project
Part II of the Chilime Series

ShareSansar, May 27:

Managing Director of Chilime Hydropower Company Limited (CHCL) Kul Man Ghising has said that the company is planning to complete projects with the combined capacity of 500 MW by 2020.

“Besides completing projects of at least 500 MW by 2020, we have already applied for the license a mega multi-purpose reservoir based project of 400 MW in Rasuwa district,” Ghising, who is regarded as the architect of the famous Chilime model, told ShareSansar today.

He further informed that the four projects being developed by subsidiaries of CHCL will be completed within three to four years.
“We are planning to complete all these projects within three to four years,” Ghising further informed.

The four projects in the pipeline are related to Sanjen Jalavidhyut Company Limited (SJCL), Madhya Bhotekoshi Jalavidhyut Company Limited (MBJCL), Rasuwagadhi Hydropower Company Limited (RGHPCL), besides a Bemdang Khola hydropower project, which is being planned.

He informed that the IPO of Sanjen Jalavidhyut Company Limited (SJCL), which is developing two new projects – Sanjen Hydroelectric Project (SHEP) having capacity of 42.5 MW and Sanjen(Upper) Hydroelectric Project (SUHEP) of capacity 14.8 MW – will be floated first.

“As the promoters of Sajen have almost raised the paid-up required for the project as per the rule of SEBON,” he said. “Hence its IPO will be floated IPO within six months to one year. We will also issue the IPO for the rest of three companies within 1 to 1.5 years.”

Out of the four subsidiary companies, SJCL was incorporated in March 2010 as a public limited company. SJCL has planned to develop two new projects–Sanjen Hydroelectric Project (SHEP) having capacity of 42.5 MW and Sanjen(Upper) Hydroelectric Project (SUHEP) of capacity 14.8 MW.

MBJCL was registered as public company in july 2010. MBJCL has planned to develop Middle Bhotekoshi Hydroelectric Project (MBKHEP) with an installed capacity of 102 MW in Sindhupalchowk .

RGHPCL was incorporated in August 2011 as a public limited company. It has planned to develop a new project - Rasuwagadhi Hydroelectric Project (RGHEP) having capacity of 111MW in Rasuwa district of Central Development Region.

Bemdang Khola hydropower project is also being mulled along a similar line though the details are still being worked out.

Ghising also made it clear that they do not have any problem to fund all these projects, and thereby refuted rumors that CHCL might issue right shares to this effect.

“We have enough fund for all the four projects at this juncture. The rumors about the right shares are completely baseless. We don’t have any problem whatsoever when it comes to equity,” he said, adding that CHCL will manage the entire fund through diversification of investment.

He further explained that there has been a tripartite loan agreement between CHCL, each of the subsidiary company and the Employment Provident Fund to fund each of the projects, and the EPF has already pledged Rs 16.5 arba for the projects combined at 12.5 percent floating interest rate.

“Rest of the fund we shall easily manage from our equity,” he said, adding that the total equity investment of CHCL in the subsidiary companies were less than Rs 7 arba.
Regarding the upcoming the IPOs for all the four projects expected in a year’s time, Ghising expressed confidence that all of them will be oversubscribed by at least 50 times.

“What I am trying to show is that equity is never a problem when it comes to developing hydropower projects up to 1000 MW with domestic investment. Fund is never a problem; it’s all about managing that fund,” he added. “But this does not mean that I am suggesting that we should bar foreign investment in the sector.”

SJCL will manage the debt requirement of the project from the EPF for which tri-partite loan arrangement has been signed between EPF, Chilime and SJCL. The equity investment will be made through 51 percent promoter share and 49 percent public share. Chilime has 38 percent shareholding in SJCL. The promoter share will be raised first then after public share.

Similar tri-partite loan agreement has been signed between EPF, Chilime and MBJCL for debt portion. The equity investment will be made through 51 percent promoter share and 49 percent public share. Chilime is a leading company with 38 percent share.

Likewise, the cost of Rasuwagadhi Hydroelectric Project is estimated to be Rs. 1 arba 36 crore 84.2 lakh excluding financial cost. A 50:50 debt-equity structure will be employed for financing this project.

The company will manage the debt requirement of the project from the EPF for which tri-partite loan arrangement has been signed between EPF, CHCPL and RGHPCL on December 8, 2011. The equity investment will be made through 51 percent promoter share and 49 percent public share. Chilime has 33 percent shareholding in RGHCL. The promoter share will be raised first then after public share.

It is also interesting to note that CHCL has not sought a single penny from any of the banks to commission these projects, and that Power Purchase Agreement (PPA) for all the four projects are lower than the PPA agreement for the Chilime’s own project.

Multiplier effect through big projects is CHCL’s new strategy

Chilime’s Managing Director Ghising has disclosed that the company has now devised a new long-term strategy, which will have multiplier effect for the company and the shareholders.

“Now that we have won the trust of the people and also have the confidence to mobilize enough equity for big projects, our aim is to develop at least 500 MW by 2020 as I mentioned before,” he said. “But we cannot achieve this goal if we wait for the four projects to be completed before we move on to the next projects.”

He explained that CHCL is confident about achieving the target as it does not have to get directly involved in any of the projects in the pipeline, which gives it gives Chilime management to plan and execute new projects.

“For instance, we have set up four subsidiary companies for the projects in the pipeline. Each of them have separate board of directors, management team and project officers,” he said. “I don’t have to get involved in their day-to-day operation."

“Now our target is to develop more projects -- big ones up to 500 MW – and the new projects will be run by our subsidiaries like the four projects in the pipeline,” he added. “This is how we will have this multiplier effects.”

He, however, clarified that CHCL might directly develop some of these projects.
Ghising further said that CHCL would automatically get cash flow to executive newer projects once the four projects in the pipeline come into operation in three to four years.

Shedding more lights on the new strategy, Ghising said that even the local bodies such as the District Development Committees (VDCs) and Village Development Committees (DDCs) have been urged to invest in the upcoming projects under the Chilime flagship as per the new strategy based in P4 (People-Public-Private Partnership) model.

On the technical side, he informed that around 90 percent of the technical manpower employed in the projects were Nepalis.

“We had to a few hire foreign consultants since it is not easy to develop four projects side by side only with Nepali experts as they aren’t enough skilled manpower in the country,” he explained.

Ghising further said that another very encouraging thing about the new strategy as per which the four projects are being developed is that CHCL will be producing enough manpower to easily develop 1000 MW project solely with its own manpower by the time the four projects get completed.

‘Hugely undervalued scrip’

Ghising also believes that CHCL scrip is still huge undervalued even though it is surging drastically over the recent months –- and he has strong reasons to support his statement.

“As I mentioned before, our equity in the subsidiary companies is to the tune of Rs 7 arba. Once the projects get completed in three to four years, we will be getting around 1.5 arba a year in dividend only from the sister companies if they give only around 20 percent,” he said. “Now don’t you think our share is undervalued?”

And think about the future prospect of CHCL with the more projects, including 400 MW project reservoir-based projects, for which it has already obtained the license.