Company Incorporated
13 July 2006
Moonlight Hydropower Company was registered as a private limited company to develop hydropower in Nepal.
About Us
One company, one project: the 22.14 MW Balephi-A Hydropower Project in Sindhupalchok, now in its final phase of construction.
Who We Are
Over 90% built on the Balephi Khola.
Moonlight Hydropower Company Limited was set up in 2006 to build the Balephi-A Hydropower Project in Sindhupalchok District. The plant takes water from the Balephi Khola at a 33 m diversion weir, clears the sediment in a settling basin and carries the flow through a 948 m canal and a 2.3 km steel pipe, 3.8 m across. From there the water drops 86 m to a powerhouse with three Francis turbines. At 22.14 MW, the plant is expected to produce about 125 GWh a year, all of it sold to the Nepal Electricity Authority.
- PPA with NEA for the full 22.14 MW
- 90.58% physically complete (August 2026)
- Roads, irrigation and temple protection for local communities
Kalyan Bikram NeopaneChairman, Moonlight Hydropower
Chairman’s Message
Dear Shareholders and Well-wishers,
Thank you for your interest in Moonlight Hydropower Company Limited.
The Balephi-A Hydropower Project has entered its final stretch. As of August 2026, construction stands at 90.58%. The headworks, settling basin, forebay and surge tank are complete, the powerhouse is nearly finished, and the turbines and generators are being installed. Progress on each part of the work is published on our Construction page.
We are also preparing to welcome new shareholders. Laxmi Sunrise Capital Limited is managing our public share issue, and Jyoti Capital Limited has agreed to underwrite the shares offered to the general public. Once the Securities Board of Nepal approves the issue, shares will be offered first to residents of the project-affected area and to Nepalis working abroad, and then to the general public.
None of this would be possible without the trust of our shareholders and lenders, the support of the people of Balephi, and the hard work of everyone on site. I thank each of you. We will keep this website up to date as Balephi-A moves towards generation.
Kalyan Bikram NeopaneChairman
Investor RelationsThe Company
Seeing One Project Through
Moonlight Hydropower was incorporated on 13 July 2006 and became a public limited company on 15 July 2022. It was promoted by people with long experience of building hydropower and roads in Nepal, among them former chairperson Birendra Bahadur Neopane, who has spent around four decades in civil construction.
-
What We Are Building
A 22.14 MW run-of-river plant using up to 32.4 m³/s of water from the Balephi Khola and 86 m of head. It is expected to generate about 125 GWh a year.
-
Working With the Community
Alongside the plant we have built about 9 km of local roads and an irrigation canal, protected the Mahadev Mandir and school buildings, and rebuilt a school wall damaged in the 2015 earthquake.
-
9kmVillage roads built -
90.58%Built, August 2026
Related Group
BIG GROUP
Founded by Group Chairman Birendra Bahadur Neopane in 1985, BIG GROUP grew from road and building construction into hydropower in 2007, and today spans clean energy, manufacturing, healthcare, hospitality, construction and technology.
Its hydropower work includes the completed Mai Khola (4.5 MW), Mai Small Cascade (8 MW) and Upper Puwa Khola (3 MW) plants and the 166 MW Super Tamor project in development.
Visit BIG GROUP- 1985
- Group founded
- 450MW
- Hydropower capacity across the Group
- 25
- Projects delivered or under way
- 30
- Group companies
Milestones
From Licence to Listing
-
2006
-
2012
Power Purchase Agreement
30 October 2012
PPA signed with the Nepal Electricity Authority for the first 10.6 MW of the project.
-
2015
Generation Licence
19 April 2015
Generation licence issued for the Balephi-A Hydropower Project.
-
2018Construction Begins
2075 B.S.
Contractors mobilised to the headworks, canal and powerhouse sites.
-
2020
Capacity Raised to 22.14 MW
28 December 2020
The PPA was amended to add 11.54 MW, bringing the contracted capacity to 22.14 MW.
-
2021
Financial Closure
2 July 2021
Debt and equity financing for the project was secured.
-
2022
Public Limited Company
15 July 2022
The company converted to a public limited company, the first step towards offering shares to the public.
-
2024
Issue Manager Appointed
28 October 2024
Laxmi Sunrise Capital Limited signed on to manage the initial public offering.
-
2025
Issuer Rating Assigned
February 2025
CARE Ratings Nepal assigned the company an issuer rating of CARE-NP BB- (Is).
-
2025
Ratings Reaffirmed
December 2025
CARE Ratings Nepal reaffirmed the issuer rating CARE-NP BB- (Is) and the CARE-NP BB- rating on Rs 4,070 million of bank facilities.
-
2026
Construction Passes 90%
August 2026
Physical progress reached 90.58%, with the headworks, settling basin, forebay and surge tank complete.
-
2026
Underwriting Agreement
September 2026
Jyoti Capital Limited agreed to underwrite the 9,241,426 shares to be offered to the general public.
-
Next
Commercial Operation
To be announced
Generation will start once the remaining works, testing and grid connection at the Pangtang substation are complete.
Board of Directors
The People Steering Moonlight
-
Mr. Kalyan Bikram Neopane
Chairman
More than 12 years in civil construction and hydropower -
Mr. Sudhir Lamichhane
Director
More than 20 years in corporate management -
Mr. Bed Prakash Bista
Director
More than 15 years in corporate management
Powering Nepal's Progress, Sustainably
Get in Touch With Us
We're here to answer any questions you may have about the Balephi-A Hydropower Project.