IREDA to Invest in 900 MW Upper Karnali Hydro-Electric Power Project in Nepal

Indian Renewable Energy Development Agency Ltd (IREDA) has received approval from the Government of India to invest up to 10% shareholding in M/s. GMR Upper Karnali Hydro Power Limited, Nepal, and M/s. Karnali Transmission Company Pvt. Ltd., Nepal. This investment is for setting up the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, in association with SJVN Limited. The Joint Venture Agreement has been initiated with GMR Energy Limited, GMR Power and Urban Infra Limited, GMR Lion Energy Limited (Mauritius), SJVN Limited, Nepal Electricity Authority, an Undertaking of Govt of Nepal and GMR Upper Karnali Hydropower Limited, Nepal. IREDA's equity investment is 5% which will be amounting to approximately Rs.174.22 Crore. The significant terms of the agreement include IREDA's right to nominate one Director on the Board, the appointment of a Chairman of the Board from amongst the Directors nominated by SJVN and GMR, and the appointment of an individual as CEO from amongst the Nominees of SJVN and GMR.