Adani Power Limited one of India’s leading private power producers, and Druk Green Power Corporation Ltd. (“DGPC”), Bhutan’s state-owned power utility, have signed a Shareholders Agreement (SHA) for the development of a 570 MW hydroelectric project at Wangchhu in Bhutan (“the Project”). The SHA was formally executed on September 05, 2025, at 8:30 p.m. in Thimphu, Bhutan.
Pursuant to the agreement, APL and DGPC will jointly incorporate a public company in Bhutan with an equity structure of 49:51 shareholding, respectively, to undertake the design, construction, and operation of the Wangchhu hydroelectric project. The Project is expected to play a pivotal role in harnessing Bhutan’s rich hydropower potential while strengthening bilateral energy cooperation between India and Bhutan. It will also contribute to regional clean energy transition goals by providing sustainable, renewable electricity for domestic consumption in Bhutan and for export to India. The incorporation of the joint venture company and commencement of preparatory works will follow in the coming months, subject to requisite approvals.
Adani Power Limited (APL), part of the diversified Adani Group, is India’s largest private thermal power producer with a strong presence across the energy value chain. Headquartered in Ahmedabad, Gujarat, APL has an installed thermal power generation capacity of over 15 GW, serving millions of consumers across the country. The Company is expanding its portfolio through renewable and cross-border projects, in line with its vision of contributing to India’s energy security and sustainable development.
Druk Green Power Corporation Ltd (DGPC) is Bhutan’s state-owned hydropower company, responsible for the operation and management of the country’s hydropower plants, as well as the development of new projects. As a key driver of Bhutan’s economy, DGPC plays a central role in generating clean, renewable electricity for domestic consumption and export, thereby strengthening regional energy cooperation. DGPC is committed to advancing Bhutan’s hydropower potential in a sustainable and environmentally responsible manner.
