Upper Trishuli-1

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 Upper Trishuli 1 is a 216 MW run of river hydropower project on the Upper Trishuli river in Nepal (“UT1” or the “Project”), owned by a special purpose vehicle, Nepal Water & Energy Development Company Pvt. Ltd. (“NWEDC” or the “Company”) established under the laws of Nepal.  The Project will sell power to Nepal Electricity Authority (“NEA”), the national utility, for domestic supply under a 30-year power purchase agreement (“PPA”).  The Project will be developed on a Build, Own, Operate and Transfer (“BOOT”) basis under a 35-year concession agreement (Project Development Agreement or “PDA”) with the Government of Nepal’s (“GoN”) Ministry of Energy, Water Resources and Irrigation (“MOWERI”). The Project is of strategic national importance and will be the largest Foreign Direct Investment (“FDI”) in Nepal to date, increasing the country’s domestic power supply by approximately one-third compared to today’s levels and providing about 40% of its expected 1,456 GWh of net annual output during the dry season, which includes the peak winter demand months. The Project’s expected commissioning date is October 2023.