Adani Power gains 2% after signing pact for 770-MW hydropower project in Bhutan

Shares of Adani Power gained 2% on Tuesday to hit a day’s high of Rs 205 on the NSE after the company signed a shareholder agreement (SHA) with Druk Green Power Corporation (DGPC) to set up the 770-MW Chamkharchhu Hydropower Project in Thimphu, Bhutan.

Under the SHA, Adani Power and DGPC will jointly incorporate a public company in Bhutan, with a 49:51 shareholding, to undertake the project, according to a release filed with the exchange.

The project is the second major hydropower collaboration between the two partners, following the 570-MW Wangchhu Hydroelectric Project agreement signed in September 2025. It is also part of a broader 5,000-MW hydropower development MoU signed between the Adani Group and DGPC in May 2025.


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Located in central Bhutan’s Zhemgang district on the Chamkarchhu River, the peaking run-of-river project will be developed under the Build, Own, Operate and Transfer (BOOT) model through a 49:51 equity partnership between Adani Power and DGPC, with a 30-year concession from the date of commissioning.

Construction is expected to begin in the first half of 2027, with commissioning targeted within six years of groundbreaking. The project is expected to strengthen Bhutan’s clean energy capacity and regional energy cooperation.

Initially, the project company will issue 4.9 million shares to Adani Power and 5.1 million shares to DGPC at Bhutanese Ngultrum 100 per share. Both partners will have the right to appoint three directors each to the board and will make additional capital contributions in the agreed proportion as required.

The project is expected to help meet Bhutan’s peak winter electricity demand while enabling the export of surplus green power to India during the summer months.

“We are delighted to strengthen our partnership with the Royal Government of Bhutan and DGPC through the Chamkharchhu Hydroelectric Project,” said Anil Sardana, Managing Director, Adani Power. He said hydropower will play a key role in South Asia’s energy transition and the project will contribute to energy security, lower carbon intensity and shared sustainability goals.

Dasho Chhewang Rinzin, Managing Director, DGPC, said the 770-MW Chamkharchhu-I Hydropower Project will strengthen Bhutan’s energy security, particularly during winter, while creating opportunities to export surplus clean energy to India.

Both organisations are also evaluating additional hydropower opportunities under the broader 5,000-MW development programme.

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Druk Green Power Corporation

Druk Green Power Corporation (DGPC) is Bhutan’s leading renewable energy generation company and a wholly owned subsidiary of Druk Holding & Investments, the commercial arm of the Royal Government of Bhutan.

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor. Surbhi Khanna does not hold any financial interest in The Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.