Shares of Indian Renewable Energy Development Agency Ltd (IREDA)  skyrocketed 7% and hit an intraday high of Rs 239.45 on 10 September after the company announced that they had signed initial agreements with GMR Energy and SJVN. 

The agreement with SJVN and GMR Energy is for developing and implementing the 900 megawatt (MW) Upper Karnali hydro-electric  project in Nepal. The deal aims to boost regional energy security through the development of renewable energy infrastructure. 

The project holds crucial strategic importance for the company, helping the company harness Nepal’s vast hydropower potential while strengthening their dedication to renewable energy development. 

Pradip Kumar Das, chairman and managing director of IREDA., said, “Our investment in this important hydropower project underscores IREDA’s ongoing commitment to advancing renewable energy initiatives. 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.”

IREDA is a public sector enterprise founded in 1987, operates under the Government of India and is overseen by the Ministry of New and Renewable Energy (MNRE). Its core mission is to support the growth of renewable energy and energy efficiency projects by offering financial assistance.

As a Non-Banking Financial Company (NBFC) and Mini Ratna (Category I), IREDA plays a vital role in promoting green power capacity and financing solar manufacturing units, driving India’s sustainable energy development.

At 12:06 pm, the shares of IREDA were trading 3.89% higher at Rs 231.85 on NSE.

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