Kathmandu. ABP Energy Limited, which is developing hydropower projects, is going to launch an initial public offering (IPO) for the general public. The company has appointed Siddhartha Capital Limited as the issue manager for the IPO issue and sale management.

The agreement was signed between ABP Energy and Siddhartha Capital on September 24. The agreement was signed by Purna Lal Shrestha, Chairman of ABP Energy and Sandip Karki, Chief Executive Officer of Siddhartha Capital.

With the agreement, the process related to the IPO issuance and management of the company will be carried out as per the prevailing laws, regulatory provisions and approvals from the concerned authorities. Siddhartha Capital will take the necessary process as the IPO issue and sale manager.

ABP Energy has been developing and managing hydropower projects with the objective of producing clean and renewable energy through sustainable and effective utilization of water resources of Nepal.

The company is currently constructing the 8 MW Tadi Ghyangphedi Hydropower Project in Ghyangphedi area of Dupcheshwor Rural Municipality-1 in Nuwakot district. The project is run-of-river in nature to generate electricity by using the water of the Tadi River.

The cost of the project is about Rs 20.5 crore per megawatt, according to the company. The project aims to generate commercial electricity by mid-April 2084.

The total cost of the project is Rs 1.64 billion, out of which Siddhartha Bank Limited will invest Rs 1.23 billion. The physical progress of the project has been more than 60 percent so far.

The Board of Directors of the company consists of Mr. Purna Lal Shrestha and Mr. Balaram Khatiwada, Founder of F1Soft International and eSewa, Nepalese Technology Entrepreneur and Mr. Ajgar Ali.

With experienced leadership, long-term commitment to the energy sector and effective utilization of Nepal’s water resources, the company aims to contribute to clean and renewable energy production.