SJVN (the company), GMR Upper Karnali Hydro Power (GMR) and IREDA has 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 Rs 9,100 crore. The project is proposed to be funded through 70:30 debt equity ratio.