The Bhote Koshi Project is a hydroelectric power plant in Nepal. It was constructed from 1997 to 2000 and started operating in January 2001. The project cost about US$ 98 million, the majority of which was provided by Panda Energy International, making it the largest American investor in Nepal. The installed capacity of the project is 45MW, whereas it has a power purchase agreement (PPA) with Nepal Electricity Authority for generation of 36MW maximum. The PPA dictates how much the project can generate for each month of the Nepali Calendar. During monsoon season (about three months each year) Bhote Koshi can operate at full installed capacity, with excess water still being spilt. During winter season however, power generation from the plant decreases drastically due to low river flows. This is typical of run-of-the-river hydroelectric installations.