Will continue to boost partnership with Bhutan rooted in sustainability, trust: Gautam Adani
Gautam Adani, Chairman of the Adani Group, on Sunday said they will continue to strengthen their partnership with Bhutan, which is rooted in sustainability, trust and long-term value, as he hailed the energy partnership with the Himalayan country.
New Delhi: Gautam Adani, Chairman of the Adani Group, on Sunday said they will continue to strengthen their partnership with Bhutan, which is rooted in sustainability, trust and long-term value, as he hailed the energy partnership with the Himalayan country. In a post on the social media platform X, the billionaire industrialist said that it is always a delight to return to Bhutan. “Deeply privileged to be a founding member of the Gelephu Mindfulness City.
Indeed, a visionary initiative of His Majesty King Jigme Khesar Namgyel Wangchuck that reflects Bhutan’s enduring commitment to mindful and sustainable development,” Gautam Adani posted. The Adani Group Chairman further stated that in a significant step for our energy partnership, “we advanced key milestones by signing an MoU for 5,000 MW of hydropower and officially commencing the 570 MW Wangchhu Hydro Electricity Project”.
“I am sincerely grateful for the presence of Prime Minister Dasho @tsheringtobgay at the ceremony to mark this occasion,” said Gautam Adani, adding that “We will continue to strengthen this partnership rooted in sustainability, trust and long-term value”. In May last year, the Adani Group announced the signing of an MoU to jointly develop 5,000 MW of hydropower projects in Bhutan.
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The MoU, signed in Bhutan by Druk Green Power Corporation’s (DGPC) MD Dasho Chhewang Rinzin and Adani Green Hydro Ltd’s COO (PSP and Hydro) Naresh Telgu, in the presence of Prime Minister Tshering Tobgay, Minister for Energy and Natural Resources Lyonpo Gem Tshering and other senior dignitaries, builds on the ongoing partnership for the 570/900 MW Wangchhu Hydropower Project, in which DGPC will hold a majority 51 per cent stake and the Adani Group will hold 49 per cent.
Gautam Adani said that the signing of the MoU to jointly develop 5,000 MW of hydropower projects in Bhutan “represented a deepening of the group’s partnership with the Himalayan country”. In September, Adani Power and DGPC, Bhutan’s state-owned generation utility, signed the shareholders agreement (SHA) to set up a 570 MW Wangchhu hydroelectric project.
An in-principle understanding on the power purchase agreement (PPA) was also initialled, and the developers also signed the concession agreement (CA) for the project with the Royal Government of Bhutan. The agreements were signed in the presence of the Bhutan Prime Minister and Gautam Adani. The move paves the way for Adani Power and DGPC to initiate the implementation of the peaking run-of-river Wangchhu hydroelectric project on a BOOT (Build, Own, Operate, Transfer) model. The Wangchhu project will see an investment of about Rs 60 billion in setting up the renewable energy power plant and related infrastructures.
