JSW Energy Signs Bhutan Hydropower Deal; Shares Fall 1.08%

Mumbai August, 12: JSW Energy Limited has signed a shareholders’ agreement with Druk Green Power Corporation Limited for the development of a 920 MW Punatsangchhu-III hydropower project in Bhutan, marking another step in the company’s expansion of its clean energy portfolio outside India.

According to the exchange disclosure, JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy, will develop the project through a proposed joint venture with Druk Green Power Corporation, a wholly owned entity of the Royal Government of Bhutan.

Under the agreement, Druk Green Power will hold 51% of the joint venture, while JSW Neo Energy will hold the remaining 49%.

The project is planned on the Punatsangchhu River in Wangdue Phodrang District, Bhutan. It will be developed on a Build-Own-Operate-Transfer basis and is expected to strengthen JSW Energy’s hydroelectric generation portfolio.

JSW Neo Energy’s initial contribution to the joint venture will be BTN 245 million, with further funding to be made based on the development requirements of the project.

Stock Market Snapshot

The announcement came as the stock remained under pressure during Wednesday’s trading session.

As of 2:55 PM IST on August 12, 2026, the JSW Energy share price stood at ₹556.90, down ₹6.10, or 1.08%, according to the market data provided.

The stock moved lower through much of the session, falling from levels near ₹562 in early trade to below ₹554 before recovering part of the decline in the afternoon. The shares remained in negative territory at the latest available timestamp.

The market reaction was therefore subdued despite the company adding a sizeable overseas hydropower project to its development pipeline.

Bhutan Project Adds To JSW Energy’s Hydro Portfolio

The Punatsangchhu-III project will be JSW Energy’s first power generation venture outside India, according to the company’s disclosure.

Bhutan’s hydropower resources have made the country an important regional source of renewable electricity, and the proposed project gives JSW Energy an opportunity to participate directly in that market through a partnership with the country’s state-owned power generation company.

JSW Energy said the joint venture will undertake the detailed project report preparation jointly with Druk Green Power. The project is expected to complement the company’s existing hydro and renewable generation assets.

The company currently has a total locked-in generation capacity of 32.4 GW, comprising operational capacity as well as projects under construction and in the pipeline, according to the disclosure. Its hydro portfolio includes operating and under-construction assets, alongside pumped hydro storage projects.

The Bhutan agreement also fits into JSW Energy’s broader plan to expand its renewable generation and energy storage capabilities over the coming years.

Conclusion

JSW Energy has expanded its clean-energy development pipeline through a 49% stake in a proposed joint venture for the 920 MW Punatsangchhu-III hydropower project in Bhutan.

The partnership with Druk Green Power gives the company an entry into overseas power generation while adding another large hydro project to its portfolio. The project will now move through the development and project preparation stages.

Despite the announcement, JSW Energy shares were trading lower, with the stock down 1.08% at ₹556.90 as of 2:55 PM IST on August 12, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/JSWENERGY/JSW-Energy-Limited
• https://nsearchives.nseindia.com/corporate/KRUTIKAJSWEL_12082026135003_LettertoBSENSE.pdf