This document is a financial risk analysis case study of the 2.4 MW Kartaula Small Hydro Project in Kullu, Himachal Pradesh, India. It analyzes the risks of building mini hydro power plants under the build-operate-transfer model. The case study was submitted by Ajay Kumar Singh to partially fulfill requirements for a postgraduate program in construction management under the guidance of Professor Shree Umesh Kulkarni.