Adani Power Signs 770 MW Bhutan Hydro Pact; Shares Rise 1.44%

Mumbai, October 6: Adani Power Limited and Bhutan’s state-owned Druk Green Power Corporation Limited (DGPC) have signed a Shareholders Agreement to jointly develop a 770 MW Chamkarchhu-I Hydropower Project in Bhutan.

According to the company’s exchange disclosure, the agreement was signed on October 5, 2026. Adani Power and DGPC will jointly incorporate a public company in Bhutan to undertake the project, with the two partners holding a 49:51 shareholding.

The run-of-the-river project is located in Bhutan’s central Zhemgang District on the Chamkarchhu River. It will be developed under a Build, Own, Operate and Transfer model, with a concession period of 30 years from commercial operation.

Stock Market Snapshot

The Adani Power share price stood at ₹203.90 as of 9:28:31 AM IST on October 6, 2026, according to the market data.

The stock was up ₹2.90, or 1.44%, at the time. Shares moved higher soon after the opening of the trading session and remained above the ₹203 mark.

The Adani Power share price movement came after the company disclosed the signing of the agreement with DGPC for the 770 MW Bhutan hydropower project.

Project Expected To Begin Construction In 2027

The Chamkarchhu-I project is expected to begin construction in the first half of 2027, with commissioning targeted within six years from the start of construction.

The project is part of a broader 5,000 MW hydropower development strategic partnership between the Adani Group and the Royal Government of Bhutan. It follows the 570 MW Wangchhu Hydroelectric Project agreement signed by the partners in September 2025.

The project is expected to strengthen Bhutan’s clean energy generation capacity and support regional energy cooperation. According to the company, the hydropower facility could also support the export of surplus power to India during Bhutan’s summer months.

Adani Power, DGPC To Invest Through New Project Company

Under the shareholders agreement, the new project company will have a 49:51 ownership structure between Adani Power and DGPC. Each partner will have the right to appoint three directors to the board of the project company.

The parties will also make capital contributions from time to time in their agreed proportion. Initially, the project company is expected to issue 4.9 million shares to Adani Power and 5.1 million shares to DGPC at a value of BTN 100 per share.

The agreement also contains provisions covering pre-emptive rights, restrictions on share transfers, events of default and non-compete obligations.

Bhutan Hydropower Partnership Expands Adani Power’s Energy Footprint

Adani Power said the Chamkarchhu-I project is intended to contribute to Bhutan’s energy security while supporting broader regional energy cooperation.

DGPC, Bhutan’s leading renewable energy generation company and a wholly owned subsidiary of Druk Holding & Investments, has more than 3,500 MW of generation capacity and is involved in hydropower development and operations.

For Adani Power, the project adds another hydropower development to its portfolio and expands its presence in Bhutan’s renewable energy sector. The two organisations also said they remain engaged in evaluating additional hydropower opportunities under the broader 5,000 MW development programme.

Conclusion

The 770 MW Chamkarchhu-I project deepens Adani Power’s partnership with Bhutan’s DGPC and adds to the broader 5,000 MW hydropower development programme between the two sides. With construction targeted to begin in the first half of 2027, the project is positioned as a long-term addition to Bhutan’s clean energy capacity, while the Adani Power share price was up 1.44% at ₹203.90 as of 9:28:31 AM IST on October 6, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/ADANIPOWER/Adani-Power-Limited
• https://nsearchives.nseindia.com/corporate/ADANIPOWER_06102026065235_APLSigningofSHAtosetup770MWChamkharchhuHEPinBhutan05102026.pdf