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Indian billionaire Gautam Adani’s Adani Power has partnered with Bhutan’s state-owned Druk Green Power Corporation (DGPC) to develop a 770-megawatt hydropower project, expanding the group’s presence in the Himalayan country’s renewable-energy sector.
Adani Power and DGPC signed a Shareholders Agreement on Oct. 6 for the Chamkharchhu-I Hydroelectric Project in Bhutan’s Zhemgang district. Adani Power will hold a 49% stake in the project, while DGPC will own the remaining 51%.
The project will be developed under a 30-year Build, Own, Operate and Transfer concession on the Chamkharchhu River. Construction is expected to begin in the first half of 2027, with commissioning targeted within six years of groundbreaking, according to Adani Power.
The companies will establish a joint venture in Bhutan to develop the project, with capital contributions made according to their respective ownership stakes.
The agreement marks the second major hydropower partnership between Adani Power and DGPC. The companies previously agreed to develop the 570 MW Wangchhu Hydroelectric Project in Bhutan.
The Chamkharchhu-I project is expected to support Bhutan’s electricity needs during periods of lower hydropower generation while allowing surplus electricity to be exported to India. Bhutan’s 2026/27 budget documents identify the 770 MW project as part of the country’s planned hydropower development pipeline.
For Adani, the agreement adds to the conglomerate’s regional power investments and strengthens its relationship with Bhutan. Adani Power is the electricity-generation arm of the Adani Group, which is controlled by Gautam Adani.
The total investment required for the Chamkharchhu-I project was not disclosed in the announcement.
The project is expected to begin construction in the first half of 2027.
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