Shareholders agreement signed with Druk Green Power for 770 MW Chamkharchhu hydropower project in Bhutan

A Shareholders Agreement was signed on October 5, 2026 with Druk Green Power Corp. Ltd. (DGPC), Bhutan's state-owned utility, for the 770 MW Chamkharchhu Hydropower Project in Bhutan.

Tue 6 Oct 2026

Project Capacity

770 MW

Shareholding Split

49:51 shareholding

Concession Period

30 years from COD

What was signed

• Adani Power Ltd (APL) and Druk Green Power Corp. Ltd. (DGPC), Bhutan's state-owned generation utility, signed a Shareholders Agreement (SHA) on October 5, 2026 for setting up the 770 MW Chamkharchhu Hydropower Project (Chamkharchhu HEP) in Bhutan.
• APL does not have any shareholding in DGPC.
• The parties are not related to the promoter or promoter group, and the transaction does not fall within related party transactions.

How the project company will be structured

• APL and DGPC will jointly incorporate a public company in Bhutan with 49:51 shareholding to undertake the project.
• Each party will have the right to appoint three directors on the board of the project company.
• Besides the initial capital investment, the parties will make capital contributions from time to time in the agreed proportion.
• Other standard clauses cover pre-emptive rights, restrictions on transfer of shares, events of default and non-compete.

Initial shares to be issued

• The project company will initially issue 4.9 Million shares to APL and 5.1 Million shares to DGPC at a value of BTN 100 per share.
• That initial allotment reflects the 49:51 partnership between the two parties.

Project and timeline, from the accompanying media release

• The 770 MW project is a peaking run-of-river project in central Bhutan's Zhemgang District on the Chamkarchhu River.
• It will be implemented under the Build, Own, Operate and Transfer (BOOT) model, with a concession of 30 years from COD.
• Construction is expected to commence in the first half of 2027, with commissioning targeted six years from groundbreaking.
• The project is expected to strengthen Bhutan's clean energy generation capacity and enable export of surplus green power to India during the summer months.
• It is described as the second major hydropower collaboration between the two partners and part of a larger hydropower development partnership between the Adani Group and the Royal Government of Bhutan.

What it means for investors

• This is an agreement to set up and jointly fund a new project company, adding a hydropower asset to the development pipeline alongside the existing thermal portfolio.
• The SHA sets the equity split, board representation and funding obligations of both partners.
• The milestones mentioned are ground-breaking followed by commissioning after construction begins, so the project builds out over a multi-year period.

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