The Indian Renewable Energy Development Agency Ltd. (IREDA) has entered into a landmark Joint Venture Agreement with SJVN Ltd., GMR Energy Ltd., and the Nepal Electricity Authority (NEA) to develop the 900 MW Upper Karnali Hydro-electric Project in Nepal. This strategic collaboration is set to bolster regional energy security and accelerate renewable energy initiatives across borders.
The agreement was formalized today in New Delhi, in the presence of senior officials from the participating entities, marking a major step forward in harnessing hydropower for sustainable development.
The Upper Karnali project will be executed under the Build-Own-Operate-Transfer (BOOT) model, with a 25-year project term commencing from the Commercial Operation Date (CoD). The joint venture agreement outlines a robust framework for the project’s development, construction, operation, and maintenance.
Speaking on the occasion, Pradip Kumar Das, CMD, IREDA, emphasized the significance of this partnership, stating, ‘This agreement marks a significant step towards realizing our collective vision of sustainable energy development in the region. By leveraging hydropower’s vast potential, the Upper Karnali project will serve as a model of cross-border collaboration, delivering both economic and environmental benefits.’
This project underscores the commitment of the involved stakeholders to advancing renewable energy solutions, fostering cross-border energy cooperation, and addressing the region’s growing power demands through sustainable means.
The Upper Karnali Hydro-electric Project is expected to contribute significantly to clean energy generation while reinforcing Nepal’s position as a key player in the regional energy ecosystem.
