The Indian Renewable Energy Development Agency (IREDA) has announced a significant investment in a 900 MW hydroelectric power project in Nepal.
The investment, valued at approximately Rs. 290 Crore, will secure IREDA up to a 10 percent stake in GMR Upper Karnali Hydro Power, Nepal, and Karnali Transmission Company, Nepal.
In collaboration with SJVN Limited, this move aims to support the establishment of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project is contingent upon approvals from the Government of India and other regulatory authorities. The Board of Directors of IREDA granted in-principle approval for this equity investment during a meeting held yesterday.
Pradip Kumar Das, Chairman & Managing Director of IREDA, stated, “This investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector.”
GMR and the Nepal Electricity Authority, Government of Nepal, are the existing shareholders in GMR Upper Karnali Hydro Power, Nepal. The inclusion of IREDA and SJVN in the project underscores a robust regional collaboration aimed at enhancing renewable energy capacity and ensuring energy independence.