IREDA stock jumps 6% following MoU with SJVN, GMR Energy for 900 MW Nepal hydro project

IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.

Shares of the Indian Renewable Energy Development Agency Ltd. (IREDA) surged over 6 percent on September 10, a day after the company signed a Memorandum of Understanding (MoU) with SJVN Ltd., GMR Energy Ltd., and their associated companies for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal.

This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure, the company said in a statement.

"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.

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, said IREDA.

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IREDA is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. The company owns 50 MW Solar project situated at Kasaragod in the state of Kerala.

At 9:49 am IREDA shares were trading over 5 percent higher at Rs 234.99 on the National Stock Exchange (NSE). The stock has zoomed around 124 percent so far this year, more than doubling investors' capital.

In the past 12 months, the multibagger stock has skyrocketed 291 percent compared to a 28 percent rise in Nifty during this period. Meanwhile, shares of SJVN were also up over 3 percent at around Rs 130.15 on NSE.

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