Adani and Bhutan’s DGPC to co-develop 5 GW hydropower projects

Adani Group has signed a memorandum of understanding (MoU) with Bhutan’s Druk Green Power Corporation (DGPC) to jointly develop 5 GW of hydropower capacity in Bhutan.

This includes ongoing work on the 570/900 megawatt (MW) Wangchhu Hydropower Project.

DGPC will hold a 51% majority stake in the projects, while Adani will hold the remaining 49%. Under the agreement, Adani will manage power offtake and integrate the generated power with India’s commercial power markets. This move strengthens Bhutan’s role in regional energy trade.

The project has support from the Royal Government of Bhutan and the Government of India. 

The agreement is aligned with Bhutan’s Renewable Energy Roadmap, which targets an additional 20,000 MW of generation capacity by 2040. The roadmap also seeks to diversify into solar and geothermal energy and encourages global partnerships to attract capital and technology. Hydropower accounts for over 99% of Bhutan’s electricity supply. It remains the country’s main energy source and a key contributor to export revenue. 

Separately, DGPC and Adani also initialled the Shareholders’ Agreement for the Wangchhu Project. This follows earlier announcements in 2024 about Adani’s planned development of a 570 MW plant in Chukha province.