SJVN, GMR Upper Karnali Hydro Power (GMR) and Indian Renewable Energy Development Agency (IREDA) have signed a memorandum of understanding (MoU) for the development of Upper Karnali Hydro Electric Project of 900 MW capacity, through a joint venture (JV) company in Nepal.
The company and GMR will hold 34 percent shareholding each, while IREDA will have five percent shareholding in the proposed JV. The balance equity will be held by Nepal Electricity Authority (NEA).
The project is to be developed on a build, own, operate and transfer (BOOT) basis with 25 years concession period, post commissioning. The estimated project cost will be Rs 9,100 crore.