2024-10-03 13:42:21
New Delhi: Anil Ambani led Reliance Group has made a big announcement. It will set up 1,270 MW of solar and hydro power projects in Bhutan. These projects will contribute to the energy sector in the neighboring country. This move will increase cooperation between the two countries and develop renewable energy resources. Anil Ambani-led Reliance Group on Wednesday announced its presence in Bhutan. The group said in a statement that it has entered into a strategic partnership agreement with Druk Holding and Investments Limited (DHI), the commercial and investment arm of the Government of Bhutan. Its objective is to promote investment in Bhutan’s renewable and green energy sector.
A new company has been formed
The partnership between Reliance Group and Druk Holding will also explore innovative green technologies with a focus on green energy generation, particularly solar and hydro power initiatives.
Reliance Group has formed a new company ‘Reliance Enterprises’ to invest in Bhutan’s renewable and green energy sector. It will be jointly promoted by Mumbai-listed Reliance Infrastructure Limited and Reliance Power Limited.
Reliance Enterprises will set up a 500 MW solar plant in two phases over the next two years. This plant will be set up in Gelephu Mindfulness City of Bhutan.
Under this partnership, Reliance Power and Druk Holding will jointly develop the 770 MW Chamkharchu-1 hydroelectric project. This project will get concession under the policy of Bhutan Government.
According to the statement, ‘Reliance Group will work with state-owned companies in Bhutan to implement infrastructure projects that support Bhutan’s net-zero emissions targets.’
The deal was signed in the presence of Anil Ambani
The partnership agreement was signed by Harmanjit Singh Nagi, President (Corporate Development), Reliance Power Limited, and Ujjwal Deep Dahal, CEO, Druk Holding & Investments, in the presence of Anil Ambani.
Speaking on the occasion, Dahal said, ‘We are delighted to partner with Reliance and together we are committed to delivering world-class clean energy projects. This will benefit both India and Bhutan.
Reliance Power has a total installed capacity of 5,340 MW. This also includes the 4,000 MW Ultra Mega Power Project at Sasan in Madhya Pradesh.
Reliance Infrastructure is active in the energy sector and is focusing on projects like Mumbai Metro along with power distribution in Delhi.