Reliance Power, led by Anil Ambani, has taken another step toward clean energy by setting up a joint venture with Bhutan’s state-owned Green Digital Private Limited. The new entity, GDL–Reliance Solar Pte Ltd (GRSPL), was formally incorporated on July 24, 2025, under Bhutan’s Gelephu Mindfulness City, a Special Administrative Region envisioned as a hub for sustainability and innovation.

The venture is built on equal footing, with Reliance Enterprises Private Limited (a Reliance Power arm) and Green Digital each holding 50%. As part of the deal, Reliance subscribed to 2.25 lakh shares at $100 apiece, giving it an indirect 25% stake in GRSPL. While operations are yet to begin, the company will focus on renewable energy projects, aligning with Reliance Group’s larger strategy of diversifying into clean energy and defense.

Importantly, the JV does not fall under related party transactions, despite Reliance Infrastructure, Reliance Power’s promoter, holding an indirect 25% stake through REPL.

On the market side, Reliance Power shares closed at ₹43.27 on Monday, valuing the company at ₹17,895 crore. Investors are expected to closely monitor when GRSPL begins operations, as this could significantly impact sentiment around the stock.

Financially, Reliance Power has been showing signs of revival. The company reported a net profit of ₹125.6 crore in the March 2025 quarter, a sharp turnaround from a ₹397.6 crore loss a year earlier. Though revenue slipped marginally by 1% to ₹1,978 crore, operating performance improved dramatically, EBITDA surged over 11 times to ₹589.8 crore, lifting margins from 2.4% to 29.8%.

The tie-up with Bhutan not only strengthens Reliance Power’s renewable energy portfolio but also underscores the growing role of cross-border collaborations in meeting global sustainability goals. For investors, the venture signals long-term ambition, even as the immediate focus remains on execution.