Indian Renewable Energy Development Agency (IREDA) has received approval for equity investment of up to 10% shareholding each in GMR Upper Karnali Hydro Power, Nepal, and Karnali Transmission Company, Nepal (aggregating to Rs 290 crore for both the SPVs), in association with SJVN, for setting up 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, subject to the approval from the government of India, other statutory/regulatory authorities, as applicable. The Board of Directors of the company in its meeting held on July 16, 2024, has accorded In-principle approval for the same.
This strategic investment aligns with the company’s commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development.
IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.
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| Chola Invest & Fin. | 1568.70 |
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