Shares of the Indian Renewable Energy Development Agency Ltd. (IREDA) jumped more than 6 percent on September 10, following the company’s signing of a Memorandum of Understanding (MoU) with SJVN Ltd., GMR Energy Ltd., and their affiliates to collaborate on the development and execution of the 900 MW Upper Karnali hydroelectric project in Nepal.
The company stated that this partnership seeks to strengthen regional energy security by developing renewable energy infrastructure.
“This collaboration not only accelerates the development of Nepal’s hydropower sector but also strengthens regional energy cooperation, supporting our shared goal of sustainable growth,” said Pradip Kumar Das, Chairman & Managing Director of IREDA.
SJVN shares jumps 6%
Whereas, SJVN stock also rallied over 6.29 per cent on Tuesday to close at ₹134.15 per share. The company’s market capitalization was ₹52,325 crore, with 11.17 lakh shares traded, resulting in a turnover of ₹14.63 crore on the BSE.
“This is to inform that SJVN Limited (“Company”), GMR Upper Karnali Hydro Power Limited (“GMR”) and IREDA have signed a MoU for development of Upper Karnali Hydro Electric Project (900 MW) through JV Company in Nepal. The Company and GMR will hold 34% shareholding each and IREDA will have 5% shareholding in the proposed JV. The balance Equity will be held by NEA (Nepal Electricity Authority). The project shall be developed on BOOT basis with 25 years concessional period after commissioning. The approximate project cost shall be ₹9,100 crore. The project is proposed to be funded through 70:30 Debt Equity ratio,” said SJVN in an exchange filing.
IREDA is involved in promoting, developing, and providing financial assistance for projects focused on new and renewable energy sources, as well as energy efficiency and conservation. The company operates a 50 MW solar project located in Kasaragod, Kerala.
Over the past 12 months, the multibagger stock has surged by 291 percent, significantly outperforming Nifty, which rose by 28 percent during the same period. Meanwhile, SJVN shares also saw a gain of over 3 percent, trading at approximately ₹130.15 on the NSE.
