IREDA to invest Rs 290 crore in 900 MW project in Nepal

State-owned IREDA on Wednesday said the company will invest Rs 290 crore in a 900 MW hydroelectric power project in Nepal.

The Board of Directors of IREDA gave in-principle approval for the equity investment at a meeting on Tuesday, the company said in a statement.

Pradip Kumar Das, Chairman & Managing Director, IREDA, said, "This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development." The company will pick up a 10 per cent stake in the Upper Karnali Hydro-Electric Power Project.