Research & Analysis
Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.
Sector Overview
Industry Report
Nepal Electricity Authority (NEA) crossed into net-exporter territory in FY 2023/24 and widened the surplus in FY 2024/25. This report works through NEA's six-year financial trajectory, the spread compression, the IPP commissioning wave, and the cross-border trade picture using NEA Annual Reports FY 2019/20–FY 2024/25 as the primary source.
Glossary
A plain-English reference guide to every term used in our hydropower research — from PPA structures and take-or-pay mechanics to NEA's role as sole offtaker and the difference between run-of-river and storage projects. Written for serious investors who want to understand the sector without the jargon.
Company Research
Sahas Urja owns 100% of the operating 86 MW Solu Khola (Dudh Koshi) run-of-river project in Solukhumbu and 56.67% of Times Energy, the project company building the 341 MW Budhi Gandaki PROR in Gorkha. The thesis is binary: a single-asset RoR if Budhi Gandaki stalls; a two-project compounder if it executes.
Sanima Mai Hydropower owns 29 MW of run-of-river generation in Ilam (Mai 22 MW + Mai Cascade 7 MW) and holds promoter stakes in four other Sanima Group hydropower projects. Five-year financial trend, FY 2081/82 force-majeure impacts, and the embedded investment portfolio.
NEA is not an investable security — it is 100% government owned and unlisted. But it is the single counterparty on every PPA that underpins every hydro IPP in Nepal. This analysis asks one question: is NEA solvent and payment-disciplined enough to anchor a long-horizon hydro IPP portfolio?