IREDA's Strategic Investment Boosts 900 MW Hydro Project in Nepal

The Indian Renewable Energy Development Agency Limited (IREDA) announces a strategic investment of Rs 290 Crore in a 900 MW hydroelectric project in Nepal, securing up to a 10% stake in the GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd.

The Indian Renewable Energy Development Agency Limited (IREDA) has unveiled a substantial investment plan for a 900 MW hydroelectric power project in Nepal. The Rs 290 Crore investment is set to secure IREDA up to a 10 per cent share in GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., both based in Nepal.

This initiative, in collaboration with SJVN Limited, seeks to establish the 900 MW Upper Karnali Hydro-Electric Power Project. The project's progression is subject to approvals from the Government of India and other regulatory bodies.

The IREDA Board of Directors has given an in-principle nod for this equity investment. Pradip Kumar Das, Chairman & Managing Director of IREDA, stated, "This strategic investment underscores our commitment to expanding renewable energy infrastructure and promoting international collaboration in the sector."

He further emphasized, "The 900 MW project is pivotal in harnessing Nepal's hydropower potential, bolstering regional energy security, and fostering sustainable development." As of now, the primary shareholders of M/s. GMR Upper Karnali Hydro Power Limited include GMR and the Nepal Electricity Authority, Government of Nepal.

The inclusion of IREDA and SJVN Limited highlights a robust regional partnership aimed at enhancing renewable energy capacity and striving for energy independence. (ANI)

(With inputs from agencies.)