IREDA finalises pact for joint venture to set up 900 MW hydroelectric project in Nepal

New Delhi, Jan 17 (IANS) The Indian Renewable Energy Development Agency Ltd. (IREDA) on Thursday finalised a joint venture agreement with SJVN Ltd., GMR Energy Ltd., and Nepal Electricity Authority (NEA) for the development of the 900 MW Upper Karnali Hydroelectric Project in Nepal as part of a strategic initiative aimed to strengthen regional energy security and accelerate renewable energy growth, according to an official statement. 

The joint venture agreement lays out a comprehensive framework for the project development, construction, operation, and maintenance under a Build-Own-Operate-Transfer model, with a 25-year project term from the commercial operation date.

The agreement was formalised here in the presence of senior officials from the IREDA, SJVN, and GMR Energy Ltd.

In his remarks on the occasion, IREDA Chairman Pradip Kumar Das said: "This agreement marks a significant step towards realising our collective vision of sustainable energy development in the region. By leveraging Hydropower's vast potential, the Upper Karnali project will serve as a model of cross-border collaboration, delivering both economic and environmental benefits."

IREDA is India’s largest pure-play green financing NBFC which functions under the administrative control of the Ministry of New and Renewable Energy (MNRE). Its focus is on promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy conservation.

It has announced a 26.8 per cent jump in net profit to Rs 425.37 crore for the October-December quarter of the current financial year from the corresponding Rs 335.54 crore in the same quarter of the previous year.

The NBFC recorded a revenue of Rs 1,698.99 crore during the third quarter which represents a 35.57 per cent increase compared to Rs 1,253.20 crore in Q3 FY 2023-24.

IREDA’s loan sanctions for the third quarter recorded a 45.01 per cent surge to Rs 13,226.81 crore compared to Rs 9,121.11 crore in the same quarter of the previous year while loan disbursements for the quarter reached Rs 7,448.96 crore, up by 25.27 per cent from Rs 5,946.45 crore.

Its total loan book has expanded to a robust Rs 68,959.61 crore, showing a 36.34 per cent increase compared to Rs 50,579.67 crore in Q3 FY 2023-24. The company’s net worth has strengthened to Rs 9,842.07 crore, registering a 20.99 per cent growth from Rs 8,134.56 crore in Q3 FY 2023-24.

--IANS

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