Wedoany.com Report-Jan 21, Indian Renewable Energy Development Agency Ltd. (IREDA) has sealed the joint venture agreement with SJVN Ltd., GMR Energy Ltd., and Nepal Electricity Authority (NEA) for the development of the 900 megawatt Upper Karnali Hydroelectric Project in Nepal.

In a statement, the Ministry of New and Renewable Energy said the agreement lays out the framework for the project’s development, construction, operation, and maintenance under a build-own-operate-transfer model, with a 25-year project term from the start of commercial operation.

“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,” said Pradip Kumar Das, CMD, IREDA.