History/Background of the Company/Project
In the year 2014, a visionary initiative materialized in the form of Remit Hydro Limited (RHL). Spearheaded by the Hydroelectricity Investment and Development Company Limited (HIDCL), this venture was conceived with a dual objective: to channel the vast reservoir of remittance funds towards sustainable energy projects and to bolster Nepal's energy infrastructure. As a strategic subsidiary of HIDCL, RHL was endowed with the responsibility of overseeing and executing two paramount hydropower projects, with the Ghunsa Khola Hydroelectric Project (GKHEP) being the flagship endeavor.
The ethos of RHL transcends mere energy generation. At its core, the mission is to ingeniously leverage remittance as the primary financial backbone for the GKHEP. This model presents migrant workers, the unsung heroes of Nepal's economy, with a golden opportunity to be stakeholders in a national development project. Beyond the tangible benefits of energy generation, this initiative serves as a robust social security mechanism. Shareholders, many of whom are migrant workers, are poised to receive consistent returns on their investments, reminiscent of a pension scheme, throughout the hydropower project's operational lifespan.
RHL's innovative approach resonates deeply with the broader governmental strategy. It is a manifestation of the government's aspiration to democratize investment opportunities in the hydroelectricity sector. By doing so, it not only empowers the Nepalese diaspora but also catalyzes a surge in the national GDP, laying the foundation for sustained economic prosperity. </.p>
GKHEP has emerged as a focal point in Nepal's energy landscape, gaining notable recognition at the national level. It was prominently highlighted in the "Janatako Jalawidhyut Karyakram," a prestigious initiative inaugurated by the Prime Minister in March 2019. This inclusion underscores the project's significance and its alignment with national energy development goals.</.p>
Objectives
With the broad objective of mobilizing remittance in hydropower sector to help in generation of hydropower in Nepal, the Company's Memorandum of Articles stipulates following objectives:
- Identification of potential projects to get the license for survey, construction, Operation and maintains to develop the hydropower projects and sell hydropower produced from Hydropower projects.
- Construction of Substation and transmission line as required, for selling the hydropower and Manage necessary function for selling hydropower with tapping in national grid.
Functions
The Company, established specifically to promote Hydropower Projects, will perform the following functions:
- Borrow loan from any bank and financial institutions with/ without collateral.
- Buy or lease of land, buildings, mills and machineries, vehicles in the name of the company to use.
- Any other related activities associated with project development and defined by MOA of the company.