Not Mukesh Ambani but Anil Ambani to challenge Gautam Adani, signs Rs 20000000000 deal with…, will develop largest…
Mukesh Ambani’s Reliance Industries Limited recently inaugurated its first solar panel manufacturing unit. The company is building giga-factories on 5,000 acres in Jamnagar, Gujarat. However his brother Anil Ambani is also doing business in the green energy segment, and has taken a major step.
The company announced that it has signed a commercial term sheet for a long-term power purchase agreement with Green Digital Private Limited (GDL) which is a company owned by the Government of Bhutan. GDL is under Druk Holdings and Investments Limited (DHI), the investment arm of the Bhutanese government. Reliance Power will now develop Bhutan’s largest solar power project under this agreement.
The project entails a capital outlay of up to Rs 2,000 crores under Build-Own-Operate (BOO) model, representing the largest private sector foreign direct investment (FDI) in Bhutan’s solar energy sector to date.
Gautam Adani’s Adani Group is already operating in the solar energy sector, with various projects and investments. Adani Green Energy is the main entity which handles Adani’s solar projects. Now new player Anil Ambani’s Reliance Power will give him tough competition in the sector if becomes successfull.
This initiative is expected to play a pivotal role in advancing regional clean energy integration, and enhancing cross-border infrastructure collaboration across South Asia, it stated.
Reliance Power has commenced the Engineering, Procurement, and Construction (EPC) tendering process, adhering to international competitive bidding standards to ensure optimal technical execution and cost efficiency.
The company has also initiated engagement with leading financial institutions to structure sustainable, long-tenor project finance solutions, focused on optimizing capital structure and enhancing overall financing efficiency.
The project will be implemented in phased tranches over the next 24 months, closely aligned with Bhutan’s strategic sustainability framework and broader regional energy transition agenda across South Asia.
This initiative is poised to significantly diversify Bhutan’s renewable energy portfolio beyond hydropower and enhance grid stability and integration.
In October 2024, Reliance Enterprises, jointly promoted by Reliance Power Ltd, and Reliance Infrastructure Ltd initiated a strategic partnership with DHI Ltd to develop solar and hydropower projects in Bhutan.
As part of the agreement, Reliance Enterprises and DHI will jointly develop a 500 MW solar power project. The partnership also entails the execution and long-term operation of the 770 MW Chamkharchhu-I hydroelectric project, a run-of-the-river asset structured under a long-term concession model, aligned with Bhutan’s national energy strategy.
(With Inputs From PTI)
News