Kathmandu, March 28:

Himal International Energy Pvt Ltd (HIEPL), which holds 75 per cent share in Bhote Koshi Power Company Ptd Ltd (BKPC), has further acquired 10 per cent shares in BKPC from the International Finance Corporation.

The deal was finalised today, states a company press release here. Consequent to this deal, HIEPL along with its sister concern HIPC, now owns 95 per cent shares in BKPC, while RDC of Nepal, owned by Montgomery Watson Harza (MWH), an American engineering company, continues to own its five per cent equity in BKPC. IFC and DEG-Deutsche Investitions-und Entwicklungsgellschaft mbH, remains the lead lenders of the company.

IFC has divested its investment in BKPC by virtue of exercising its Put Option, under the shareholders’ agreement, to sell its shares consequent to change in control in BKPC brought about by the acquisition of Panda Nepal shares in BKPC by HIEPL last year.

A purchase and sale agreement had been already signed in between IFC and HIEPL in March 2006, states the release. BKPC is a 36MW run of the river hydropower project in Sindhupalchowk, commissioned in January 2001 with a total investment of $98 million.