Investigative Report: PPA Data Retrieval from ICRA & CARE Ratings Nepal
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- Working page
- Updated
- 2026-05-10
Source type: Research compilation — Google Docs export (15 pages) Original: Mission-based financial investigation sourced from ICRA Nepal surveillance reports (A.996, B.119), CARE Ratings Nepal rating rationales, and statutory filings.
Summary
This investigation targets data gaps in Nepal's hydropower financial landscape, reconstructed from primary credit rating agency reports. It covers:
- Mission 1: Forensic reconstruction of Sahas Urja Limited (86 MW Solu Khola) — a documented private IPP financial profile
- Mission 2: Comparative PPA tariff matrix for five priority projects (Chilime, Sanima Mai, Rasuwagadhi, Trishuli 3A, Nyadi)
- Mission 3: Mathematical reconstruction of NEA subsidiary vs. private IPP rate differential (37.1% revenue advantage via Chilime anomaly)
- Mission 4: Insurance market quantitative verification (Sanima Mai pays 1.80% of gross revenue in non-life premiums)
Key Findings
PPA Rate Matrix (VERIFIED)
| Project | Capacity (MW) | Wet Rate (NPR/kWh) | Dry Rate (NPR/kWh) | Entity Type | PPA Year |
|---|---|---|---|---|---|
| Chilime | 22.1 | 4.08 (Excess) | 8.17 (Regular) | NEA Subsidiary | 1997 |
| Sanima Mai (Phase 1) | 22.0 | 4.80 | 8.40 | Private IPP | 2010 |
| Sanima Mai Cascade | 7.0 | 5.52 | 9.66 | Private IPP | 2013 |
| Rasuwagadhi | 111.0 | 4.80 | 8.40 | NEA Subsidiary (via Chilime) | 2011 |
| Upper Trishuli 3A | 60.0 | N/A (Internal) | N/A (Internal) | NEA Owned | N/A |
| Upper Trishuli 3B | 37.0 | 4.80 | 8.40 | Subsidiary Corp | — |
| Nyadi | 30.0 | 4.80 | 8.40 | Private IPP | 2015 |
Sahas Urja (Solu Khola, 86 MW) — Financial Profile
- Final build cost: NPR 172–175 million/MW (industry average often exceeds NPR 200–250M)
- FY 2080/81 revenue: NPR 2.648 billion
- Net profit: NPR 902.33 million (114.66% YoY growth)
- Gross margin: 95.54%; Net margin: 23.61%
- Plant Load Factor: 69.05%, achieving 87–89% of contracted energy
- Q-design: Aggressive Q41 model, 19.28% dry energy mix
- 10-bank syndicate led by Nepal Investment Bank, 76% debt-financed
- Promoter: Him Prasad Pathak — also controls Times Energy (341 MW Budhi Gandaki), Secretary at IPPAN
Subsidiary vs. IPP Rate Differential (Document finding)
Chilime's "Regular/Excess" billing architecture produces an effective blended rate of NPR 7.57/kWh vs. a typical private IPP's NPR 5.52/kWh — a 37.1% revenue advantage. Chilime classified 85% of its 156 GWh generation as "Regular" at NPR 8.17/kWh.
Insurance Burden
Sanima Mai Hydropower paid NPR 13.77 million in non-life premiums against NPR 764 million gross revenue = 1.80% of top-line. Within an ~15% OPEX envelope, insurance consumes over 10% of operating budget.
Data Gaps Marked
- SEBON IPO prospectuses are scanned-image PDFs — no automated parsing possible
- IPPAN's "800% premium surge" claim source inaccessible (server timeout)
- Specific OAGN paragraph condemning PPA favoritism for subsidiaries not isolated
Limitations
- Compilation nature: This is a reconstructed investigative report, not a primary rating agency publication. Individual claims should be traced to the underlying ICRA / CARE documents where possible.
- Scanned sources: SEBON prospectuses referenced are image-based PDFs; figures were manually transcribed and may contain transcription errors.
- Single-promoter focus: The Sahas Urja profile, while detailed, represents one successful promoter. It is not necessarily representative of average private IPP performance.
- Snapshot date: Financial data reflects FY 2080/81 or earlier; market conditions (tariffs, interest rates, construction costs) may have shifted.
- Inaccessible sources: Some referenced documents (e.g., IPPAN premium surge claim) were not retrievable at time of compilation.