Indian Renewable Energy Development Agency Limited — Important, 16-01-2025: Agreements

IREDA has initiated a non-binding Joint Venture Agreement for the development of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, partnering with GMR Energy Limited and other entities. This agreement signifies IREDA's equity investment of approximately Rs. 174.22 Crore (5%) in both GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd. The agreement includes provisions for IREDA to nominate one director on the board and jointly appoint key executive positions.

The formal approval for this equity stake was granted by the Government of India’s Ministry of New and Renewable Energy, which indicates a positive direction for IREDA’s international expansion. This strategic move positions IREDA to enhance its footprint in the renewable energy sector, potentially boosting its revenue and market presence in the region. Investors should watch closely for the project's development progress and its impact on IREDA’s operational performance.