IREDA announced a $2.9 billion investment in a 900 MW hydroelectric power project in Nepal, expanding renewable energy infrastructure and fostering international collaboration.
On Tuesday, the Indian Renewable Energy Development Agency Limited ( IREDA) announced an investment of $2.9 billion in a 900 MW hydroelectric power project in Nepal. The approximately $2.9 billion investment will secure IREDA up to a 10% shareholding in GMR Upper Karnali Hydro Power Limited, Nepal, and Karnali Transmission Company Pvt. Ltd., Nepal.
This strategic move, in collaboration with SJVN Limited, emphasises the crucial role of these entities in supporting the setting up of the 900 MW Upper Karnali Hydroelectric Power Project in Nepal. The project will proceed subject to approval from the Government of India and other regulatory authorities.
Pradip Kumar Das, Chairman and Managing Director of IREDA, has given in-principle approval for this equity investment. He underscored that this strategic investment is a clear manifestation of IREDA’s unwavering commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Nepal’s Hydropower potential, contributing to regional energy security and sustainable development.
IREDA and SJVN Limited’s participation in the project is a testament to their strong regional collaboration, aimed at bolstering renewable energy capacity and securing energy independence.
