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

These agreements pave 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.

With the preparation of the detailed project report already completed, construction work is expected to begin by the first half of 2026, and the completion is targeted within five years of groundbreaking.

SB Khyalia, CEO, Adani Power, said: “Bhutan is a role model for the world in sustainable development, and we are very excited to play a leading role in the development of the country’s natural resources through this renewable energy project.

The Wangchhu hydroelectric project will critically meet Bhutan’s peak winter demand, when hydro power generation is low. During the summer months, it would export power to India.'

Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The company has an installed thermal power capacity of 18,110 MW and a 40 MW solar power plant.

The company’s consolidated net profit declined 13.49% to Rs 3,384.86 crore in Q1 FY26 from Rs 3,912.79 crore posted in Q1 FY25. Revenue fell 5.66% year-on-year (YoY) to Rs 14,109.15 crore in Q1 FY26.