Nyadi Hydropower Limited

Nyadi Hydropower Limited (NHL) is a Nepalese hydropower company established to develop and operate the Nyadi Hydropower Project (NHP), a run-of-river hydroelectric project situated along the Nyadi River in Marsyangdi Rural Municipality, Lamjung District. The project was conceptualized by a consortium led by Butwal Power Company Limited (BPC) with participation from Lamjung Electricity Development Company Ltd. (LEDCO).The company was incorporated on March 1, 2007 (2063/12/17 B.S.). After years of development, construction began in March 2017, and the hydropower plant achieved commercial operation on Baisakh 27, 2079 B.S. (around mid-2022 AD).The project is designed to harness the flow of Nyadi Khola (a tributary of the Marsyangdi River), converting hydraulic energy to electricity, and supplying power to the national grid under a long-term Power Purchase Agreement (PPA). As a publicly listed company, Nyadi Hydropower’s shares trade on the Nepal Stock Exchange (NEPSE) under the ticker symbol “NYADI.” The listing followed an initial public offering (IPO) in which 4,050,000 shares were issued to project-affected locals and the general public.The company’s capital structure post-IPO comprises promoter holdings (Butwal Power Company and Lamjung Electricity Development Company) along with allocations for locals, employees, and public investors. Despite achieving operation status, the company has faced notable challenges: even though the plant is operational, power evacuation remains under a “contingency plan” rather than a fully dedicated transmission corridor. This is due to delays in the construction of the 220 kV Marsyangdi Corridor transmission line and associated infrastructure at Khudi hub a bottleneck that has resulted in limited dispatch of electricity, and consequently substantial revenue shortfalls compared to initial projections. As of the latest financial assessments, these constraints have impacted profitability and raised concerns over debt coverage and operational cash flow.