The Indian Renewable Energy Development Agency Limited (IREDA) has announced a Rs. 290 crore investment in Nepal's 900 megawatt (MW) Upper Karnali hydroelectric power project.
This investment will grant IREDA up to a 10% shareholding in both GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., both based in Nepal.
The investment is part of a collaboration with SJVN Limited to advance the Upper Karnali hydroelectric project.
The initiative is pending approval from the Government of India and other regulatory bodies. The IREDA Board of Directors has granted in-principle approval for the equity investment.
IREDA Chairman and Managing Director Pradip Kumar Das remarked, “This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900MW project is a significant step towards harnessing hydropower potential in Nepal, contributing to regional energy security and sustainable development.”
Current shareholders in GMR Upper Karnali Hydro Power Limited include GMR and the Nepal Electricity Authority, representing the Government of Nepal.
The inclusion of IREDA and SJVN Limited underscores a strong regional partnership aimed at boosting renewable energy capacity and advancing energy independence.
