IREDA To Invest Rs 290 Crore With SJVN In Nepal's Karnali Hydro Project
The 900 MW Upper Karnali hydroelectric power project will be Nepal's largest hydropower plant.
Indian Renewable Energy Development Agency Ltd. will invest Rs 290 crore through special purpose vehicles for setting up a 900-megawatt hydropower project in Nepal. The board on Tuesday approved the investment of up to 10% shareholding each in GMR Upper Karnali Hydro Power Ltd. and Karnali Transmission Co., in association with SJVN Ltd.
IREDA's investment will be subject to approval from the central government and other statutory and regulatory authorities.
The 900 MW Upper Karnali hydroelectric power project in Nepal is in advanced stages of development and will be the country's largest hydropower plant after completion. The project will be connected to the Indian grid through dedicated transmission lines, which will be developed by GMR Group through a Nepal-based subsidiary.
IREDA is a government-owned pure-play green financing non-banking financial institution.
The company's net profit jumped 30% year-on-year to Rs 384 crore in the quarter-ended June. The total loan book outstanding as of June 30, 2024 was at Rs 63,150 crore, up 33.77% over Rs 47,207 crore in the same period last year.
Shares of IREDA closed 6.06% lower at Rs 272.25 apiece on Tuesday ahead of the announcement, as compared to a flat benchmark BSE Sensex.
