Shares of Adani Power gained 2% on Tuesday to hit a day's high of ₹205 on the NSE after the company signed a shareholder agreement with Druk Green Power Corporation to set up the 770 MW Chamkharchhu Hydropower Project in Thimphu, Bhutan. According to The Economic Times, the stock was trading at ₹205 following the announcement, representing a significant jump from the previous day's performance.
The signing ceremony was attended by Bhutan Prime Minister Lyonchhen Dasho Tshering Tobgay, Minister of Finance, 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. As per Business Standard, Adani Power and Druk Green Power Corp Ltd (DGPC), Bhutan's state-owned generation utility, officially signed the Shareholders Agreement (SHA) for establishing the project in the Kingdom of Bhutan.
Under the shareholder agreement, Adani Power and Druk Green Power Corporation will jointly incorporate a public company in Bhutan with a 49:51 shareholding, according to a release filed with the exchange. The project will be developed through the Build, Own, Operate and Transfer (BOOT) model with a 30-year concession from commercial operation date. 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 make additional capital contributions in the agreed proportion as required.
According to The Economic Times, Anil Sardana, Managing Director of Adani Power, stated that hydropower will play a pivotal role in accelerating South Asia's energy transition, with the project contributing significantly to enhancing energy security, reducing carbon intensity, and advancing shared sustainability goals. The project is located in central Bhutan's Zhemgang district on the Chamkarchhu River and is expected to help meet Bhutan's peak winter electricity demand while enabling the export of surplus green power to India during summer months. Construction is expected to begin in the first half of 2027, with commissioning targeted within six years of groundbreaking.
This project marks the second major hydropower collaboration between the two partners, following the 570-MW Wangchhu Hydroelectric Project agreement signed in September 2025. The 770-MW Chamkharchhu-I Hydropower Project is part of a broader 5,000-MW hydropower development programme signed between the Adani Group and Druk Green Power Corporation in May 2025. Both organisations are actively evaluating additional hydropower opportunities under this comprehensive development framework, with the project expected to strengthen Bhutan's clean energy capacity and regional energy cooperation. As per NDTV Profit, Dasho Chhewang Rinzin, MD of DGPC, highlighted that this collaboration reflects both companies' shared commitment to developing Bhutan's renewable energy resources through strong partnerships and responsible, efficient project delivery.
