New Delhi [India], September 10 : Indian Renewable Energy Development Agency (IREDA) has entered into a Memorandum of Understanding (MoU) with SJVN, GMR Energy, and their associated companies to facilitate the development of a 900 MW hydroelectric project in Nepal.
The Upper Karnali Hydro-electric Project, situated in Nepal, will be the focal point of this collaboration, aimed at enhancing regional energy security by expanding renewable energy infrastructure in the region.
According to a company statement released on Monday, IREDA's role in the MoU includes providing assistance in both the development and implementation phases of the project.
The partnership is expected to have a significant impact on the renewable energy landscape, contributing to the growth of hydropower in Nepal and fostering energy cooperation between India and its neighbour.
The signing of the MoU was marked by the presence of several key figures from the involved organizations. These included Sushil Sharma, Chairman and Managing Director of SJVN; B.K. Mohanty, Director of Finance at IREDA; Akhileshwar Singh, Director of Finance at SJVN; and other senior officials. On behalf of the companies, S.K. Sharma, general manager (finance & accounts) at IREDA; Jitendra Yadav, general manager (finance & accounts) at SJVN; and S.N. Barde, chief executive officer of GMR Energy Ltd., formalised the agreement during a ceremony in New Delhi.
IREDA's Chairman and Managing Director, Pradip Kumar Das, highlighted the significance of the project, stating, "Our investment in this important hydropower project underscores IREDA's ongoing 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 company stated that strategically, the project is crucial for IREDA as it allows the organisation to tap into Nepal's abundant hydropower resources. The initiative also aligns with IREDA's broader mission of expanding renewable energy projects.
"The project holds strategic importance for IREDA, as it will help harness Nepal's vast hydropower potential while reinforcing IREDA's dedication to renewable energy development" said the company.
In fact, IREDA's Board of Directors had already given in-principle approval for the Upper Karnali Hydroelectric Project during their meeting on July 16, 2024.
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