Indian Renewable Energy Development Agency Limited (IREDA) has announced plans to invest approximately Rs. 2.9 billion in a 900 MW hydroelectric power project in Nepal. With this investment IREDA will have up to 10 per cent stake in GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., Nepal.
The project is subject to approval from the Government of India and other regulatory authorities. Additionally, the board of directors have given their in-principle approval to this equity investment. This partnership with SJVN Limited is designed to support the development of 900 MW Upper Karnali Hydro-Electric Power Project.
Furthermore, GMR and the Nepal Electricity Authority, Government of Nepal, are the current shareholders in GMR Upper Karnali Hydro Power Limited. The involvement of IREDA and SJVN Limited demonstrates a strong regional collaboration focused on increasing renewable energy capacity and achieving energy independence.
