The Indian Renewable Energy Development Agency Limited (IREDA) has announced a strategic investment in a 900 MW hydroelectric power project in Nepal.
According to a press release, this investment, amounting to approximately Rs 290 Crore, will secure IREDA up to a 10 per cent shareholding in GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., both based in Nepal.
This strategic initiative, in partnership with SJVN Limited, aims to facilitate the establishment of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal.
The project’s advancement is contingent upon 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 meeting yesterday.
Pradip Kumar Das, Chairman & Managing Director of IREDA, stated, “This strategic investment reflects our dedication to expanding renewable energy infrastructure and promoting international collaboration in the sector.”
He added, “The 900 MW project is a crucial step in tapping into Nepal’s hydropower potential, thereby enhancing regional energy security and fostering sustainable development.”
Currently, GMR and the Nepal Electricity Authority, Government of Nepal, are the main shareholders in M/s. GMR Upper Karnali Hydro Power Limited. The addition of IREDA and SJVN Limited to the project emphasizes a strong regional partnership aimed at boosting renewable energy capacity and achieving energy independence.
(Except for the headline, this story has not been edited by Newsx staff and is published from a syndicated feed.)
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