Three Star Hydropower Limited

About

Three Star Hydropower Limited is a publicly-listed Nepali hydropower company that seeks to harness Nepal’s river resources via small to mid-scale run-of-river hydroelectric projects. Its main project, the Sapsup Khola Small Hydroelectric Project, harnesses the flow of Sapsup Khola in Khotang district and has an installed capacity of 6.6 MW (or 7.151 MW depending on licence data). The project includes headworks, a headrace tunnel, powerhouse and a 3 km 33 kV transmission line to evacuate power to the national grid. TSHL was originally incorporated in 2015 as a private-limited company and later converted to a public-limited company. It went public and got listed on the Nepal Stock Exchange (NEPSE) on 10 August 2023. The firm currently has 4,925,000 shares listed (face value NPR 100) and a paid-up capital of NPR 492,500,000. As of late 2025, TSHL’s market capitalization is several billions of Nepali rupees, indicating significant investor interest in the hydropower segment even for relatively small-scale plants.Like many run-of-river hydropower firms, TSHL faces ups and downs due to hydrology (seasonal flow variation), but its modest size gives it flexibility. Recent reporting shows that in Q4 of FY 2024/25, the company generated revenue of around NPR 150.62 million and nearly broke even — a sign of stabilization after prior years of losses or fluctuations. The board of directors has also recently proposed a 100% right-share issuance (1:1 ratio) to raise funds: part of the proceeds intended to repay debt from project construction, and another part to invest in a new 9 MW project (Upper Bhurundi A Hydropower). All told, Three Star Hydropower Limited represents the profile of a Nepal-based small/mid-scale independent power producer (IPP) that has moved from private development to public-market listing combining local hydro potential with public-shareholder financing. For investors and stakeholders, TSHL offers exposure to Nepal’s hydropower growth but also brings hydrology risk, generation variability, and project-sizing constraints common to small hydropower firms.