Kathmandu. The annual general meeting of Wonders Energy has been held.

During the meeting, the company has set a target to complete the construction of 9 MW Khimti-Dhwang Small Hydropower Project by mid-April, 2084.

According to the company’s executive director Prakash Dulal, the cabinet meeting on April 29 has already approved the permission for the acquisition of government land and cutting down trees. He said that the construction work is expected to gain momentum after the completion of necessary legal and administrative process.

The estimated cost of the project is Rs 1.90 billion. Out of this, the agreement with NMB Bank for loan investment of Rs 1.25 billion has reached the final stage.

Out of the remaining Rs 650 million, Rs 350 million has been collected so far and the remaining Rs 300 million will be collected by mid-October.

The AGM has decided to increase the paid-up capital of the company to Rs 100 crore. Out of this, Rs 70 crore will be raised through self-capital and Rs 30 crore through initial public offering (IPO).

The AGM has also decided to authorize the Board of Directors of the company to take bank loan required for the construction of the project and proceed with the related process.