The Indian Renewable Energy Development Agency (IREDA) plans to invest around Rs 2.90 billion in a hydroelectric project in Nepal. This will involve acquiring up to a 10 per cent shareholding in GMR Upper Karnali Hydro Power and Karnali Transmission Company.

This strategic investment is in partnership with SJVN to establish the 900 MW Upper Karnali Hydro-Electric Power Project, pending approvals from the Government of India and other regulatory authorities.

IREDA's Board of Directors recently approved this decision, aiming to expand renewable energy infrastructure and promote international energy cooperation. Pradip Kumar Das, Chairman & Managing Director of IREDA, mentioned that this strategic investment aligns with their commitment to enhancing renewable energy infrastructure and fostering international collaboration in the sector. He emphasized the project's significance in harnessing Nepal's hydropower potential, contributing greatly to regional energy security and sustainable development.