• 49:51 equity partnership between Adani Power and Druk Green Power
• Project to be delivered within six years of ground-breaking
• Part of the larger 5,000 MW hydropower development strategic partnership between Adani Group and the Royal Government of Bhutan

Adani Power, India’s leading private power producer, and Druk Green Power Corp. Ltd. (DGPC), Bhutan’s state-owned generation utility, today signed the Shareholders Agreement (SHA) for setting up a 770 MW Chamkharchhu-I Hydroelectric Project in the Kingdom of Bhutan.

The signing ceremony was graced by Hon’ble Prime Minister of Bhutan, Lyonchen Dasho Tshering Tobgay, and attended by Hon’ble Minister of Finance and the Hon’ble Minister of Energy and Natural Resources, along with representatives from Druk Holding & Investments Limited (DHI), Bhutan Power Corporation Limited (BPC), the DGPC Board, DGPC Management, and Adani Power.

The project marks the second major hydropower collaboration between the two partners following the 570 MW Wangchhu Hydroelectric Project agreement signed in September 2025, and forms part of the broader 5,000 MW hydropower development Memorandum of Understanding (MoU) signed between the Adani Group and DGPC in May 2025.

The peaking run-of-river project is located in central Bhutan’s Zhemgang District and on the Chamkarchhu River and the project will be implemented under the Build, Own, Operate and Transfer (BOOT) model through a 49:51 equity partnership between Adani Power and DGPC with a concession of 30 years from COD. The project will strengthen Bhutan’s clean energy generation capacity and enhance regional energy cooperation, with construction expected to commence in the first half of 2027 and commissioning targeted for six years from groundbreaking.

“We are delighted to strengthen our partnership with the Royal Government of Bhutan and DGPC through the Chamkharchhu Hydroelectric Project. Hydropower will play a pivotal role in accelerating South Asia’s energy transition, and this project will contribute significantly to enhancing energy security, reducing carbon intensity, and advancing shared sustainability goals. While the project is expected to help meet Bhutan’s peak winter electricity requirements, it will also enable the export of surplus green power to India during the summer months, creating long-term value for both nations,” said Anil Sardana, Managing Director, Adani Power Ltd.

  “This partnership marks another significant milestone in Bhutan’s hydropower development journey and further strengthens the long-standing energy partnership between Bhutan and India. The 770 MW Chamkharchhu-I Hydropower Project will contribute to strengthening Bhutan’s energy security, particularly during the winter months, while creating opportunities to optimise and export surplus clean energy to India. Beyond the project itself, this collaboration reflects our shared commitment to developing Bhutan’s renewable energy resources through strong partnerships and responsible, efficient project delivery. We look forward to working closely with Adani Power to realise this important project and to advancing further opportunities under the broader hydropower development partnership,” said Mr. Dasho Chhewang Rinzin, MD, DGPC

Both organizations remain actively engaged in evaluating additional hydropower opportunities under the broader 5,000 MW development programme.

About Adani Power Limited

Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The Company has an installed thermal power capacity of 18,290 MW spread across 14 power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.

About Druk Green Power Corporation Limited

Druk Green Power Corporation Limited (DGPC) is Bhutan’s leading renewable energy generation company and a wholly owned subsidiary of Druk Holding & Investments Limited, the commercial arm of the Royal Government of Bhutan. With a generation portfolio of over 3,500 MW, DGPC is at the forefront of Bhutan’s ambition to expand its renewable energy capacity to 25,000 MW by 2040. Established in 2008, DGPC has built extensive expertise across the energy value chain, particularly in hydropower development and operations, and is now expanding into solar and other renewable energy opportunities. Through strategic partnerships, innovation and sustainable project development, DGPC is working to harness Bhutan’s renewable energy potential while strengthening energy security and enabling greater regional energy cooperation.