Solukhumbu: Applications worth nearly Rs. 180 million have been received for the IPO of the newly completed Upper Solu Hydro Electric Company in Solukhumbu.

Applications for 1.8 million units of share which worth nearly Rs. 180 million have been received from the project-affected people of Solu Dudhkunda Municipality.

The company opened the sales of 1.35 million units of share from May 5 to May 19 at the rate of Rs.100 per unit.

Later on, the date was extended to June 3 as required number of applications was not received. The company said the shares will be distributed by the third week of June as they were currently verifying the paperwork of the applicants through banking system.

Construction cost of the 23.5 MW project is estimated to be Rs. 5 billion.

In this river-run hydro project, a 170m long tunnel in the low level is built and 309 m low pressure and 400m high pressure penstock pipes are fixed.

Its power house has two generators with a capacity to produce 11.75 MW electricity and the project will produce 32.5 gigawatt hour electricity annually.

Eight banks led by Laxmi Bank, and a hydropower investment and development company have invested 75 per cent and the Solu Hydro 25 per cent of the construction cost in the project.

The produced electricity from the project is connected to Lammanne sub-station under the Solu Corridor.