Himal International Energy (HIEPL) has acquired majority stake in Bhote Koshi Power Company (BKPC), which runs a 36MW hydropower plant in Sindhupalchok. HIEPL bought the shares of two American companies and now controls 85 percent of the equity in BKPC with the World Bank's IFC keeping its 10 percent. BKPC's new chairman, Siddhartha Rana, said HIEP plans to keep 51 percent of BKPC shares and float the remainder for the public. The company's new president is Sujeev Shakya while Sandip Shah remains General Manager. The deal is worth $22 million and was financed by Standard Chartered Bank. After Khimti, BKPC become the second foreign joint venture investment in hydrpower in Nepal.