The Indian Renewable Energy Development Agency Limited (IREDA) has announced an investment of Rs. 290 crore in a 900MW hydroelectric power project in Nepal. This investment will give IREDA up to 10% shareholding in GMR Upper Karnali Hydro Power Limited, Nepal, and Karnali Transmission Company Pvt. Ltd., Nepal.

The project, in collaboration with SJVN Limited, aims to develop the 900MW Upper Karnali hydrolectric project in Nepal. It will proceed pending approval from the Government of India and other regulatory authorities. The Board of Directors of IREDA granted in-principle approval for the equity investment during a meeting this week.

IREDA Chairman & Managing Director, Pradip Kumar Das, stated, “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.”

GMR and the Nepal Electricity Authority, Government of Nepal, are the existing shareholders in GMR Upper Karnali Hydro Power Limited, Nepal. The inclusion of IREDA and SJVN Limited in the project highlights strong regional collaboration aimed at enhancing renewable energy capacity and ensuring energy independence.