Adani Power Limited has entered into a joint venture with Druk Green Power Corporation Limited, Bhutan’s state-owned generation utility, for setting up a 570 MW Wangchhu hydroelectric project in the Himalayan Kingdom of Bhutan on a BOOT (Build, Own, Operate, Transfer) model.
Adani Power will hold a 49% stake while Druk Green Power will hold a 51% stake in the joint venture project.
Cyril Amarchand Mangaldas advised Adani Power on this joint venture.
The transaction was led by Subhalakshmi Naskar, Partner (Co-Head - Projects (Infrastructure)); Surya Sreenivasan, Partner; with support from Viraj Gami, Principal Associate; and Tanuj Agarwal, Associate.
Project and Project Finance team comprised of Sreenivasan, Partner; Aniket Singhania, Partner; Medha Rao, Principal Associate; and Harsh Jain, Associate.
Paridhi Adani, Partner (Head - Ahmedabad); provided strategic inputs on the transaction.
The transaction documents have been signed in the presence of the Prime Minister of Bhutan, Dasho Tshering Tobgay and Gautam Adani, Chairman, Adani Group.
The Project is the first hydroelectric project to be undertaken under the memorandum of understanding between the Adani Group and DGPC for jointly developing 5,000 MW of hydropower in Bhutan.
If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.