KATHMANDU, June 20: Api Power Company Ltd has received an ICRA Rating of Grade 4 from credit rating agency ICRA Nepal ahead of its rights issue.
The hydropower company had announced 1:2 rights issue. The company, which has paid-up capital of Rs 1 billion, is trying to raise an additional Rs 2 billion for its upcoming projects, it said in a statement. The company said it was in Siddhakali Power Ltd, which is developing Trishuli Galchi Hydropower Project (75 MW), adding that Api Power was also constructing Upper Naugarh Gad Small Hydropower Project (8 MW) at Darchula District in the Naugarh Gad River. “Earlier the company had constructed an 8.5 MW project in 17 months,” said.