04871nas|a2200445 i 4500 20260818174801.0 031219s2003 th uu m rtt 00| a1eng d .b11907666 AIT RSPR no.SM-03-34 Thinley, Samdrup K. Project financing : a case study of Punatsangchu Hydropower Project in Bhutan Bangkok : Asian Institute of Technology, 2003 95 p. Research studies project report ; no. SM-03-34 A research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration, School of Management Research report (M.Sc.) - Asian Institute of Technology, 2003 This study attempts to understand the complex mechanism of built-operate-transfer (BOT) form of project financing and its relevance in the power sector industry in Bhutan with a case study approach based on Punatsangchu hydropower project. The study encompasses on the similar lines of BOT models as adopted by different countries in the region to derive a deeper understanding of the difficulties encountered and what remedial measures were undertaken or not available. The information used in this study was gathered through discussions with various organizations, reports, published academic literature, company repo1is and business magazmes. The study identifies the typical features of project financing in the developing countries, the level of risks and the role of host government to establish congenial environment needed to fund such high leverage and long gestation period. Issues of risks identification and efficient allocation of project risks among various patties who are in the best position to bear these risks have been discussed as it is recognized being the key to successful project financing. Power being the major export of Bhutan and hence revenue generation for the government the case study in this area was taken. Although overall power deficit in India is appreciated, neve1theless the study for electricity demand in the two neighbouring states of India with Bhutan are looked in detail with regard to their present levels of tariff and best mix use of thermal and hydropower energy. The next step is to investigate the various legal, regulatory, financial institute capacity and policy of the government towards the pa1ticipation of private parties. While many regulatory framework has been developed recently it may be a while before it takes its roots firmly in the system. The legal and financial institution needs to be strengthened considerably. A lack of fairly developed legal, regulatmy and financial system may be detenent to building confidence to the lenders and sponsors of the projects but they would be willing to still consider investing if the government can agree fairly in the risks identification and allocation. While the government usually stresses economic benefit of a project, however its willingness to appreciate the financial success factor as priority for the sponsors and lenders along with its commitment to see the project successfully is essential. In its pursuit to make a project happen, it should neve1theless show its laxity in the selection of sponsors, construction team and operation and maintenance team, who play critical role in the success of a project. Punatsangchu Hydropower Project Finance Electric power Bhutan Do, Ba Khang, Chairperson Igel, Barbara, Examination Committee Donyaprueth Krairit, Examination Committee Government of Austria, Scholarship donor Asian Institute of Technology. Research studies project report ; no. SM-03-34 Full-Text http://203.159.5.9/ait-thesis/detail.php?q=B07626 .b11907666 mnait u 250430 0 031219 m a u 0 mnait mnait mnait mnarc 20 40 Barcode : 30050120667000 CREATED : 2003-12-22 RECORD # : i12367990 LPATRON : 1022412 LCHKIN : 2011-11-04 # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 5 TOT RENEW : 0 Barcode : 30050120666986 CREATED : 2003-12-22 RECORD # : i12368003 LPATRON : 1024990 LCHKIN : 2014-05-14 # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 4 TOT RENEW : 1 Barcode : 30050160079454 CREATED : 2016-05-22 RECORD # : i12984553 LPATRON : 0 LCHKIN : - # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 0 TOT RENEW : 0 Barcode : 30050120909410 CREATED : 2020-03-16 RECORD # : i13267607 LPATRON : 1032849 LCHKIN : 2025-04-30 # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 1 TOT RENEW : 0 94733 94733 0 0 0 0 MAIN MAIN mnait 2026-08-18 50.00 0 AIT RSPR no.SM-03-34 30050120667000 2026-08-18 17:48:01 1 2026-08-18 20 0 0 0 0 MAIN MAIN mnait 2026-08-18 50.00 0 AIT RSPR no.SM-03-34 30050120666986 2026-08-18 17:48:01 2 2026-08-18 20 0 0 0 0 MAIN MAIN mnarc 2026-08-18 0 AIT RSPR no.SM-03-34 30050160079454 2026-08-18 17:48:01 1 2026-08-18 40 0 0 0 0 MAIN MAIN mnait 2026-08-18 0 AIT RSPR no.SM-03-34 30050120909410 2026-08-18 17:48:01 3 2026-08-18 20