IREDA approves equity investment to set up 900MW Power Project in Nepal

The combined amount of investment is around Rs 290 crore.

IREDA approves equity investment to set up 900MW Power Project in Nepal

Renewable energy PSU IREDA has confirmed that it has approved the equity investment of up to 10% shareholding in GMR Upper Karnali Hydro Power Ltd and Karnali Transmission Company Pvt Ltd to set up a 900 MW Hydroelectric Power Project in Nepal.

The combined amount of investment is around Rs 290 crore. The Project has been associated with SJVN Ltd.

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The Board of Directors of Indian Renewable Energy Development Agency Limited (IREDA) in its meeting held Today, July 16, 2024, has accorded In-principle approval for equity investment of up to 10% shareholding each in M/s. GMR Upper Karnali Hydro Power Limited, Nepal, and M/s. Karnali Transmission Company Pvt. Ltd., Nepal (aggregating to Rs. 290 Crore for both the SPVs), in association with SJVN Limited, for setting up 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, subject to the approval from the Govt. of India, other statutory/regulatory authorities, as applicable, as per the regulatory filing made.

GMR and Nepal Electricity Authority, Govt. of Nepal are the existing shareholders of M/s. GMR Upper Karnali Hydro Power Limited, Nepal, the company added.

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