SJVN Limited has signed a MoU with GMR and IREDA to develop the Upper Karnali Hydro Electric Project (900 MW) in Nepal, with a project cost of approximately Rs 9,100 crore and a joint venture structure of 34% shares each for SJVN and GMR, and 5% for IREDA. The project will be funded through a 70:30 debt-equity ratio and will operate on a BOOT basis for 25 years after commissioning.