New Delhi: The Indian Renewable Energy Development Agency Limited (IREDA) has sanctioned an equity investment of up to 10% in both GMR Upper Karnali Hydro Power Ltd and Karnali Transmission Company Pvt Ltd to facilitate the establishment of a 900 MW hydroelectric power project in Nepal. This strategic investment amounts to approximately Rs 290 crore. The project is in collaboration with SJVN Ltd.

During its meeting on 16 July 2024, the Board of Directors of IREDA granted in-principle approval for the equity investment. The investment involves acquiring up to 10% shareholding in each of the two companies, aggregating to Rs 290 crore. This initiative is subject to necessary approvals from the Government of India and other relevant regulatory authorities.

The Upper Karnali Hydroelectric Power Project is a significant venture aimed at enhancing renewable energy capacity in Nepal. GMR and the Nepal Electricity Authority, Government of Nepal, are the current shareholders of GMR Upper Karnali Hydro Power Limited, Nepal. /BI