IREDA finalizes JV with SJVN, GMR Energy, NEP for 900 MW hydropower project in Nepal
The state-owned IREDA has finalized a joint venture agreement with SJVN, GMR Energy and the Nepal Electricity Authority to establish a 900 megawatt hydropower project in Nepal.
The agreement for the 900 MW Upper Karnali hydroelectric project was formalized in New Delhi on Thursday, in the presence of senior officials of IREDA, SJVN, and GMR Energy.
In a statement on Thursday, IREDA said, “We have finalized a joint venture agreement with SJVN Ltd, GMR Energy Ltd, and the Nepal Electricity Authority (NEA) to develop the 900 MW Upper Karnali hydroelectric project in Nepal. This is a strategic plan. The plan aims to strengthen the region’s energy security and accelerate the growth of renewable energy.”
The partnership agreement sets out a comprehensive framework for project development, construction, operation, and maintenance under the Build-Operate-Transfer (BOOT) model, with a project duration of 25 years from the Commercial Operation Date (CoD).
REDA CMD Pradip Kumar Das said, “This agreement marks an important step towards realizing our shared vision of sustainable energy development in the region. By harnessing the potential of the Upper Karnali energy, the Upper Karnali project will serve as an example of cross-border cooperation, bringing both economic and environmental benefits.”
Under the control of the Ministry of Renewable Energy (MNRE), the Indian Renewable Energy Development Agency Ltd (IREDA) is a non-banking financial institution committed to promoting, developing and extending financial assistance to set up new and renewable energy related projects. energy sources and energy conservation.
