Ireda Inks Agreements with SJVN, GMR For Hydropower Project, Stock Gains 5%
SJVN stock also trades higher with 3 per cent gain to Rs 130 in the morning session on the National Stock Exchange (NSE)
The stock price of Indian Renewable Energy Development Agency (Ireda) surged almost 5 per cent in the Tuesday trading session after the renewable financing firm entered into a memorandum of understanding (MoU) with SJVN, GMR Energy, and their associated companies to facilitate the development of a 900 MW hydroelectric project in Nepal.
The Upper Karnali Hydro-electric Project, situated in Nepal, will be the focal point of this collaboration, aimed at enhancing regional energy security by expanding renewable energy infrastructure in the region.
Ireda stock traded at Rs 233 with 4.83 per cent in the morning session on the National Stock Exchange (NSE). SJVN stock also traded higher with 3 per cent gain to Rs 130 in the morning session on the NSE.
According to a company statement released on Monday, Ireda’s role in the MoU included assisting in both the development and implementation phases of the project.
The partnership is expected to have a significant impact on the renewable energy landscape, contributing to the growth of hydropower in Nepal and fostering energy cooperation between India and its neighbour.
The company stated that strategically, the project is crucial for Ireda as it allows the organisation to tap into Nepal's abundant hydropower resources. The initiative also aligns with Ireda’s broader mission of expanding renewable energy projects.
"The project holds strategic importance for Ireda, as it will help harness Nepal's vast hydropower potential while reinforcing Ireda’s dedication to renewable energy development" stated the company. (With inputs from ANI)
