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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