In a major push towards enhancing regional energy security, the Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with SJVN Ltd., GMR Energy Ltd., and their associated companies to develop and implement the 900 MW Upper Karnali Hydroelectric Project in Nepal.
The MoU, which signifies a strategic collaboration in the renewable energy sector, was signed in the presence of key officials, including Sushil Sharma, Chairman and Managing Director of SJVN, Dr. B.K. Mohanty, Director (Finance) of IREDA, and Akhileshwar Singh, Director (Finance) of SJVN. Senior officials from the respective organisations, including SK Sharma, GM (F&A) IREDA, Jitendra Yadav, GM (F&A) SJVN, and SN Barde, CEO of GMR Energy Ltd., also participated in the signing ceremony held in New Delhi.
Pradip Kumar Das, Chairman and Managing Director of IREDA, emphasised the strategic importance of the project. “Our investment in this significant hydropower project underscores IREDA’s 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.”
The Upper Karnali Hydroelectric Project is a crucial step towards harnessing Nepal’s vast hydropower potential, marking a milestone in regional renewable energy collaboration. IREDA’s board of directors had granted in-principle approval for the project in their meeting held on 16th July 2024.
This project is expected to bolster Nepal’s energy infrastructure while contributing to the broader regional renewable energy grid, promoting sustainable growth in South Asia. The initiative aligns with IREDA’s long-term vision of supporting renewable energy projects and strengthening energy security across borders.
