IREDA, the Indian Renewable Energy Development Agency Limited, has announced a strategic investment in a 900 MW hydroelectric power project in Nepal.
According to a press release, this investment of approximately Rs 290 Crore will give IREDA up to a 10 per cent stake in GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., both based in Nepal. This collaboration with SJVN Limited aims to support the development of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project’s progression hinges on approvals from the Government of India and other regulatory bodies.
The IREDA Board of Directors granted in-principle approval for this equity investment during their recent meeting. Pradip Kumar Das, Chairman & Managing Director of IREDA, emphasized, “This strategic investment underscores our commitment to expanding renewable energy infrastructure and fostering international cooperation in the sector.”
He further noted, “The 900 MW project represents a significant stride in harnessing Nepal’s hydropower potential, thereby enhancing regional energy security and promoting sustainable development.” Currently, GMR and the Nepal Electricity Authority, under the Government of Nepal, are the primary stakeholders in M/s. GMR Upper Karnali Hydro Power Limited. The inclusion of IREDA and SJVN Limited in this initiative underscores a robust regional partnership aimed at enhancing renewable energy capacity and achieving energy self-sufficiency.
