Management of Foreign Exchange Risk for Build–Own–Operate–Transfer Hydropower Projects in Nepal: A Good-for-All Approach

Badri Kuikel; Yu Maemura; Kazumasa Ozawa

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Management of Foreign Exchange Risk for Build–Own–Operate–Transfer Hydropower Projects in Nepal: A Good-for-All Approach

机译：Management of Foreign Exchange Risk for Build–Own–Operate–Transfer Hydropower Projects in Nepal: A Good-for-All Approach

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Abstract Financing demands for the increasing number of large-scale build–own–operate–transfer (BOOT) hydropower projects in Nepal have necessitated greater mobilization of foreign investment. International investors and lenders perceive significant foreign exchange (FoREX) risk when investing in such projects. In Nepal and various developing countries, FoREX risk-allocation mechanisms offered by the public sector allocate significant FoREX risks to project sponsors and have failed to attract substantial foreign investment. The industry is thus in need of alternative FoREX risk-allocation mechanisms that ensure reasonable returns to project sponsors, minimize downside risk to the public sector, and maintain reasonable electricity tariffs for consumers. To address this need, this study proposes a feasible good-for-all risk-allocation mechanism and presents a financial analysis of the proposed mechanism via a case study of an ongoing Nepalese BOOT hydropower project. The comparative merits of the proposed risk-allocation mechanism over the existing mechanism are illustrated via a case study of an ongoing BOOT hydropower project in Nepal. The case study is also extended to represent different hydropower projects using various cost and revenue scenarios. The results of extended analysis showed that the proposed risk-allocation mechanism should be more effective for economic projects, and that implementation is feasible based on the current institutional arrangements observed in Nepal.

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《Journal of infrastructure systems》 |2023年第2期|1.1-1.9|共9页
作者
Badri Kuikel; Yu Maemura; Kazumasa Ozawa;
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作者单位

Hydropower Engineer, Dept. of Electricity Development, Ministry of Energy, Water Resource and Irrigation, P.O. Box 2507, Sanogaucharan, Kathmandu, Bagmati 44600, (corresponding author). ORCID: . Email:;

Univ. of Tokyo;

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Management of Foreign Exchange Risk for Build–Own–Operate–Transfer Hydropower Projects in Nepal: A Good-for-All Approach

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