Synopsis
On January 17, IREDA signed a joint venture with SJVN, GMR Energy, and NEA for a 900 MW hydropower project in Nepal, enhancing regional energy security and promoting renewable energy.Key Takeaways
- Joint venture for 900 MW project.
- Focus on renewable energy growth.
- Framework under Build-Own-Operate-Transfer model.
- Significant increase in IREDA's net profits.
- Regional energy security enhancement.
New Delhi, Jan 17 (NationPress) The Indian Renewable Energy Development Agency Ltd. (IREDA) has successfully concluded a joint venture agreement with SJVN Ltd., GMR Energy Ltd., and Nepal Electricity Authority (NEA) for the establishment of the 900 MW Upper Karnali Hydroelectric Project in Nepal. This initiative aims to bolster regional energy security and promote the advancement of renewable energy, as stated in an official announcement.
The joint venture agreement outlines a detailed framework for the project's development, construction, operation, and maintenance, structured under a Build-Own-Operate-Transfer model, with a project duration of 25 years from the start of commercial operations.
The formal signing took place in the presence of high-ranking officials from IREDA, SJVN, and GMR Energy Ltd.
During the event, IREDA Chairman Pradip Kumar Das remarked, "This agreement is a pivotal advancement towards achieving our shared vision of sustainable energy development in the region. By harnessing the extensive potential of hydropower, the Upper Karnali project exemplifies cross-border cooperation, yielding both economic and environmental rewards."
IREDA stands as India’s largest specialized green financing Non-Banking Financial Company (NBFC), operating under the Ministry of New and Renewable Energy (MNRE). Its primary focus is on promoting, developing, and providing financial assistance for projects related to new and renewable energy sources and energy conservation.
The agency reported a 26.8 percent increase in net profit, reaching Rs 425.37 crore for the October-December quarter of the current fiscal year, up from Rs 335.54 crore in the same period last year.
In the third quarter, IREDA recorded a revenue of Rs 1,698.99 crore, marking a 35.57 percent growth compared to Rs 1,253.20 crore in Q3 FY 2023-24.
Loan approvals surged by 45.01 percent 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, an increase of 25.27 percent from Rs 5,946.45 crore.
IREDA’s total loan portfolio has grown to an impressive Rs 68,959.61 crore, up by 36.34 percent from Rs 50,579.67 crore in Q3 FY 2023-24. The company’s net worth has also strengthened to Rs 9,842.07 crore, reflecting a 20.99 percent increase from Rs 8,134.56 crore in Q3 FY 2023-24.
