Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a landmark joint venture agreement with SJVN Ltd., GMR Energy Ltd., and Nepal Electricity Authority (NEA) to develop the ambitious 900 MW Upper Karnali Hydropower Project in Nepal. This collaboration is poised to enhance regional energy security while driving forward renewable energy development in South Asia.

The formal agreement, finalized today in New Delhi, outlines the framework for the project's development, construction, operation, and maintenance under a Build-Own-Operate-Transfer (BOOT) model. The 25-year project term will begin once the plant reaches its Commercial Operation Date (CoD). This move underscores the commitment of all partners to create a sustainable energy ecosystem in the region, leveraging Nepal’s vast hydropower potential.

Project to Serve as Model of Cross-Border Collaboration

Senior officials from IREDA, SJVN, and GMR Energy Ltd. were present at the signing ceremony, marking a significant milestone in South Asia's renewable energy landscape. Speaking at the event, Pradip Kumar Das, Chairman and Managing Director of IREDA, highlighted the importance of the partnership. “This agreement marks a significant step toward realizing our collective vision of sustainable energy development in the region. By tapping into hydropower’s vast potential, the Upper Karnali project will not only generate clean energy but also foster cross-border cooperation, delivering economic and environmental benefits for all stakeholders.”

The Upper Karnali project is expected to play a crucial role in meeting the growing energy demands of Nepal and its neighbouring countries. With its high capacity and renewable energy credentials, the project is poised to serve as a cornerstone of regional energy security and sustainability.