State-owned IREDA on Wednesday said the company will invest Rs 290 crore in a 900 MW hydroelectric power project in Nepal.
The board of directors of IREDA gave in-principle approval for the equity investment at a meeting on Tuesday, the company said in a statement.
Pradip Kumar Das, chairman and managing director of IREDA, said, "This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development."
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The company will pick up a 10% stake in the Upper Karnali Hydro-Electric Power Project.
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