India, Nepal sign agreement to build 900 MW hydropower project

New Delhi, Jan 17: The Indian Renewable Energy Development Agency Ltd (IREDA), along with SJVN Ltd, GMR Energy Ltd, and Nepal Electricity Authority (NEA), has formalised a joint venture agreement to develop the 900 MW Upper Karnali Hydroelectric Project in Nepal.

Signed today in New Delhi, this collaboration aims to bolster regional energy security while advancing renewable energy goals.

The Upper Karnali project represents a major leap toward clean energy development in South Asia. The project will be implemented under a Build-Own-Operate-Transfer (BOOT) model. It will have a 25-year operational term starting from its Commercial Operation Date (CoD).

This partnership provides construction, operation, and maintenance of the project, ensuring efficiency and sustainability.

This initiative highlights the shared commitment of India and Nepal to harness hydropower potential and promote cross-border energy cooperation.

The project is expected to enhance Nepal's energy infrastructure and also contribute to India's renewable energy capacity and fulfill growing electricity demands in the region.

The agreement was signed in the presence of senior officials from IREDA, SJVN, and GMR Energy Ltd symbolising a unified effort to address energy needs through sustainable means.