Adani Power Limited has incorporated a new joint venture company in Bhutan to develop the 570 megawatt Wangchhu hydroelectric project.
The newly formed entity, named Wangchhu Hydroelectric Power Limited, will be a public company incorporated in Bhutan with a 49:51 shareholding structure between Adani Power and Bhutan’s state-owned Druk Green Power Corporation (DGPC), according to the parties’ announcements.
Under the terms of the agreement, Adani Power will hold a 49 percent stake while DGPC will hold 51 percent, with the joint venture authorised to develop, construct and operate the Wangchhu scheme.
The project is the first to be taken forward under a broader memorandum of understanding signed earlier in 2025 between the Adani Group and DGPC to jointly develop up to 5,000 MW of hydropower in Bhutan.
The companies said the Wangchhu project, located within Bhutan, is planned to have an installed capacity of approximately 570 MW and will be developed through the incorporated Bhutanese public company.
The partners signed project and shareholder documents as part of formalising the arrangement, industry reports show.
Adani Power has presented the joint venture as part of a wider strategy to expand its renewable and hydroelectric footprint across the region.
The partnership with DGPC follows a May 2025 memorandum of understanding between the Adani Group and Bhutan’s government-owned power developer, which envisaged multiple hydropower projects totalling several gigawatts.
Market reaction to the announcement was evident in Indian trading floors, where Adani Power shares rose on news of the Bhutan tie-up and related corporate developments, according to financial reports. Analysts noted the move as part of the company’s broader capacity expansion plans.
Officials from both sides characterised the joint venture as a cross-border collaboration intended to leverage Bhutan’s hydropower potential and foster long-term energy cooperation between the two countries.
The partners have indicated they will proceed with detailed project planning, regulatory clearances and financing arrangements in line with Bhutanese law and applicable bilateral frameworks.
The Wangchhu incorporation marks the first operational project under the Adani–DGPC partnership and is expected to be followed by additional projects subject to feasibility studies and approvals, company statements and industry coverage said.
Timelines for construction, commissioning and power off-take arrangements were not disclosed in the incorporation announcements and will be subject to subsequent shareholder and regulatory filings.
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