IREDA Signs MoU with GMR to Build Nepal's 900 MW Upper Karnali Hydropower Project

Kathmandu; Indian Renewable Energy Development Agency Ltd. (IREDA) on Monday signed a Memorandum of Understanding (MoU) with Satlaj Jalvidhyut Nigam (SJVN) Ltd., GMR Energy Ltd., and their associated companies for the development and implementation of the 900 MW Upper Karnali Hydropower Project in Nepal. The initiative aims to boost regional energy security by developing renewable energy infrastructure.

The MoU was signed in the presence of Sushil Sharma, CMD, SJVN, Dr. B.K. Mohanty, Director (Finance), IREDA, and other senior officials. S.K. Sharma, GM (F&A) IREDA, Jitendra Yadav, GM (F&A) SJVN, and S.N. Barde, CEO, GMR, signed the agreement in New Delhi.

Pradip Kumar Das, Chairman & Managing Director, IREDA, highlighted the importance of the project, stating, 'Our investment in this hydropower project underscores IREDA's commitment to advancing renewable energy initiatives. This collaboration accelerates the development of Nepal's hydropower sector and strengthens regional energy cooperation.'

The project holds strategic importance for IREDA, as it will help harness Nepal’s vast hydropower potential while reinforcing IREDA’s dedication to renewable energy development. IREDA’s Board of Directors granted in-principle approval for the project during their meeting on 16th July, 2024.

With the support of The Economic Times (EnergyWorld.com)