IREDA Partners with SJVN and GMR Energy for 900 MW Hydropower Project in Nepal

Indian Renewable Energy Development Agency (IREDA) has signed an MoU with SJVN, GMR Energy, and their associates to develop a 900 MW hydroelectric project in Nepal. This collaboration aims to boost regional energy security and expand renewable energy infrastructure.

Indian Renewable Energy Development Agency (IREDA) has formalized a Memorandum of Understanding (MoU) with SJVN, GMR Energy, and their affiliated companies to advance a 900 MW hydroelectric project in Nepal. The Upper Karnali Hydroelectric Project, located in Nepal, stands as the centerpiece of this venture, targeting enhancement of regional energy security through expansion of renewable energy infrastructure.

According to a company statement issued on Monday, IREDA's commitments under the MoU encompass support during both the development and execution phases of the project. The collaboration is poised to significantly impact the renewable energy sector by bolstering hydropower generation in Nepal and promoting energy cooperation between India and its neighboring country.

The MoU signing ceremony featured notable attendees, including Sushil Sharma, Chairman and Managing Director of SJVN; B.K. Mohanty, Director of Finance at IREDA; Akhileshwar Singh, Director of Finance at SJVN; along with other senior officials. S.K. Sharma, general manager (finance & accounts) at IREDA; Jitendra Yadav, general manager (finance & accounts) at SJVN; and S.N. Barde, CEO of GMR Energy Ltd., ratified the agreement. Addressing the event, IREDA's Chairman and Managing Director, Pradip Kumar Das, emphasized the project's significance, stating, "Our investment in this critical hydropower initiative exemplifies IREDA's unwavering commitment to fostering renewable energy. This partnership not only accelerates the development of Nepal's hydropower sector but also fortifies regional energy alliances, pushing forward our collective goal of sustainable development."

The company highlighted that the project holds strategic value for IREDA as it leverages Nepal's rich hydropower resources, aligning with IREDA's mission to proliferate renewable energy ventures. "The project is of strategic importance for IREDA as it aids in harvesting Nepal's extensive hydropower potential while reaffirming our dedication to renewable energy advancement," the company noted.

IREDA's Board of Directors had already granted in-principle approval for the Upper Karnali Hydroelectric Project during their meeting on July 16, 2024.

(With inputs from agencies.)