IREDA Grants In-principle Approval for Investment in 900 MW Upper Karnali Hydro-Electric Power Project in Nepal

Indian Renewable Energy Development Agency Ltd. (IREDA) has granted in-principle approval for equity investment of up to 10% shareholding each in M/s. GMR Upper Karnali Hydro Power Limited, Nepal, and M/s. Karnali Transmission Company Pvt. Ltd., Nepal. This investment amounts to approximately Rs. 290 Crore for both Special Purpose Vehicles (SPVs). The investment is in association with SJVN Limited, for setting up the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project is subject to the approval from the Govt. of India and other statutory/regulatory authorities. The existing shareholders of M/s. GMR Upper Karnali Hydro Power Limited, Nepal are GMR and Nepal Electricity Authority, Govt. of Nepal.