Kathmandu, October 14: Locals involved in the Gen-Z movement have succeeded in securing shares worth around 190 million rupees in the 45-megawatt Bhotekoshi Hydropower Project in Sindhupalchok. The project management agreed to provide 10 percent of its shares after the Gen-Z group, demanding 10 percent free shares, obstructed project operations for about a month through continuous protests.

An agreement between Gen-Z Public Investment Public Limited and the Bhotekoshi Hydropower Project was signed on Monday. It is reported that the company lost approximately 300 million rupees in revenue during the one-month shutdown. Although the protesters had initially demanded free shares, the final deal stipulates that the Gen-Z Public Company will apply for a bank loan to purchase the shares, while Bhotekoshi will act as the guarantor for that loan. The arrangement further provides that the loan principal and interest will be repaid from the project’s dividends over the next year.

In addition to Bhotekoshi, locals in Sindhupalchok have also submitted a memorandum to the Ministry of Energy, Water Resources, and Irrigation demanding 10 percent free shares in ten other hydropower projects in the district.

The Independent Power Producers’ Association Nepal (IPPAN) expressed concern that such demands for free shares have begun to spread to other districts, creating fear among energy investors. IPPAN President Ganesh Karki warned that asking for free shares in projects financed through bank loans and private investments is a worrying trend. “This kind of anarchic demand for free shares is increasing,” he said, adding, “If projects start distributing shares under pressure, the entire energy sector could collapse.”

People’s News Monitoring Service.