Khimti-I Project Research — PPA, Generation, Finance, Ownership

Summary

Research compilation covering Nepal's first large private IPP: 60 MW Khimti-I on the Khimti Khola. Compiled from Himal Power Limited disclosures, Statkraft press releases, and PPA analysis.

Key data extracted

• PPA: January 15, 1996, 20-year BOOT. USD-denominated at ~US$0.052/kWh initial, revised to US$0.059/kWh, escalated by US CPI. No seasonal rate split. 50% equity transfer to NEA for NPR 1 at year 20.
• Generation: 9,000 GWh total 2000-2025, ~360 GWh/yr average (103% of ~350 GWh contracted)
• Ownership transfer: September 2025 — Statkraft (57%) and Eviny (~26%) sold to Butwal Power Company, making BPC 100% owner
• Developer: Himal Power Limited (HPL), founded 1993 by BPC + Norwegian partners

Limitations

• USD-denominated PPA: The PPA pricing (US$0.052–0.059/kWh, CPI-escalated) is a 1996-vintage USD-denominated contract; it does not represent current NPR-denominated NEA PPA structures.
• Single-project scope: Khimti-I is one 60 MW RoR project with ~25 years of operating history; its generation performance and financial structure are not representative of newer or differently-designed projects.
• Ownership transition: The September 2025 ownership transfer to BPC is recorded but post-transfer operational or financial data is not included.
• Compilation source: Data is compiled from secondary disclosures and press releases, not from audited financial statements or regulatory filings.