IREDA Partners with SJVN and GMR for 900 MW Nepal Hydropower Project

The Indian Renewable Energy Development Agency (IREDA) has inked a Memorandum of Understanding (MoU) with SJVN, GMR Energy, and their affiliates to support the development of a 900 MW hydroelectric project in Nepal.

The Upper Karnali Hydroelectric Project, located in Nepal, will be the cornerstone of this collaboration. The project aims to bolster regional energy security by expanding renewable energy infrastructure.

As per IREDA’s statement, the agency will provide assistance throughout the project’s development and implementation phases. This partnership is anticipated to significantly impact the renewable energy landscape, promoting hydropower growth in Nepal and fostering energy cooperation between India and Nepal.

Key officials from the involved organizations were present for the MoU signing. Sushil Sharma, Chairman and Managing Director of SJVN; B.K. Mohanty, Director of Finance at IREDA; and other senior representatives attended the ceremony in New Delhi.

Strategically, the project is pivotal for IREDA, enabling the agency to tap into Nepal’s abundant hydropower resources. This initiative aligns with IREDA’s broader mission of expanding renewable energy projects.

IREDA’s Board of Directors had previously granted in-principle approval for the Upper Karnali Hydroelectric Project during their meeting on July 16, 2024.

IREDA’s Chairman and Managing Director, Pradip Kumar Das, highlighted the significance of the project, stating, “Our investment in this important hydropower project underscores IREDA’s ongoing commitment to advancing renewable energy initiatives. This collaboration not only accelerates the development of Nepal’s hydropower sector but also strengthens regional energy cooperation, supporting our shared goal of sustainable growth.”

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