​Union Hydro Holding Company (UNHPL) has been running on the same single heartbeat since FY 2074/75 BS: Midim Khola, a 3 MW run-of-river plant in Lamjung, and still the company's only source of revenue. The plant missed its Revised Commercial Operation Date (RCOD) by roughly 34 months, a delay that cost it having only three tariff escalations of which all are now spent, which means the existing plant has essentially run out of ways to grow its own price. What it has done, instead, is clean up its balance sheet. UNHPL retired the last of its debt by Q3 FY 2082/83, leaving the company interest-free and equity-heavy, the kind of foundation most single-asset firms would envy. Free cash to ...