New Delhi, October 6: Adani Power and Bhutan’s state-owned Druk Green Power Corp. Ltd. (DGPC) have signed a shareholders’ agreement to jointly develop the 770 MW Chamkharchhu-I Hydroelectric Project in Bhutan.
According to Adani Power’s stock-exchange disclosure, the agreement was signed on October 5. The two partners will jointly incorporate a public company in Bhutan, with Adani Power holding 49% and DGPC 51%. Each partner will have the right to appoint three directors to the project company’s board.
The project is a peaking run-of-river hydropower development on the Chamkarchhu River in Bhutan’s Zhemgang District. It will be implemented under the Build, Own, Operate and Transfer (BOOT) model, with a 30-year concession from the commercial operation date.
Construction is expected to begin in the first half of 2027, while commissioning is targeted for six years from groundbreaking. The project remains at the development stage, with construction yet to begin.
Bhutan’s 2026-27 budget had identified Adani Power as the strategic partner for the 770 MW project and listed April 2027 as the expected construction start and April 2033 as the expected commercial operation date.
The Chamkharchhu-I project is the second major hydropower collaboration between Adani Power and DGPC. The two companies signed an agreement for the 570 MW Wangchhu Hydroelectric Project in September 2025. Both projects form part of the broader 5,000 MW hydropower development partnership between the Adani Group and DGPC agreed in May 2025.
In a company media release, Adani Power Managing Director Anil Sardana said the project is expected to help meet Bhutan’s peak winter electricity requirements and enable surplus green power to be exported to India during the summer months.
DGPC Managing Director Dasho Chhewang Rinzin said the project would strengthen Bhutan’s energy security, particularly during winter, while creating opportunities to optimise and 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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