New Delhi, Jan 4 (NationPress) Gautam Adani, the Chairman of the Adani Group, announced on Sunday their commitment to further enhancing their partnership with Bhutan, which is built on sustainability, trust, and long-term value, praising their energy collaboration with the Himalayan nation.

In a message shared on the social media platform X, the billionaire expressed his joy in returning to Bhutan.

“I feel deeply privileged to be a founding member of the Gelephu Mindfulness City, a visionary endeavor by His Majesty King Jigme Khesar Namgyel Wangchuck that exemplifies Bhutan’s unwavering dedication to mindful and sustainable development,” Gautam Adani stated.

The Adani Group Chairman further emphasized that a crucial advancement in their energy collaboration has been made by “signing an MoU for 5,000 MW of hydropower and officially launching the 570 MW Wangchhu Hydro Electricity Project.”

“I am truly grateful for the presence of Prime Minister Dasho @tsheringtobgay at the ceremony that marked this significant occasion,” Gautam Adani remarked, adding that “We will persist in fortifying this partnership grounded in sustainability, trust, and long-term value.”

Back in May of the previous year, the Adani Group revealed the signing of an MoU for the joint development of 5,000 MW of hydropower projects in Bhutan.

This MoU was 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, under the supervision of Prime Minister Tshering Tobgay, Minister for Energy and Natural Resources Lyonpo Gem Tshering, along with other senior dignitaries. This agreement builds on the existing partnership for the 570/900 MW Wangchhu Hydropower Project, where DGPC will maintain a majority 51% stake while the Adani Group will possess 49%.

Gautam Adani stated that the signing of the MoU for the joint development of 5,000 MW of hydropower projects in Bhutan “marks a deepening of the group’s relationship with the Himalayan nation.”

In September, Adani Power and DGPC, Bhutan’s state-owned generation utility, formalized the shareholders agreement (SHA) for the establishment of a 570 MW Wangchhu hydroelectric project.

An in-principle agreement on the power purchase agreement (PPA) was also initialed, along with the concession agreement (CA) for the project with the Royal Government of Bhutan.

The agreements were signed in the presence of Bhutan's Prime Minister and Gautam Adani, paving the way for Adani Power and DGPC to commence the implementation of the peaking run-of-river Wangchhu hydroelectric project under a BOOT (Build, Own, Operate, Transfer) model.

The Wangchhu project is expected to see an investment of approximately Rs 60 billion for establishing the renewable energy power plant and associated infrastructures.