Adani Power Limited has established a joint venture with Druk Green Power Corporation Limited for setting up a 770 MW Chamkharchhu-I Hydroelectric Project in the Kingdom of Bhutan on a BOOT (Build, Own, Operate, Transfer) model by entering into the investment cum shareholders agreement.
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 Surya Sreenivasan (Partner, Regional Head – Financial Sponsors (Infrastructure)), with support from Medha Rao (Principal Associate) and Tanuj Agarwal (Senior Associate).
Paridhi Adani (Partner, Head - Ahmedabad); provided strategic inputs on the transaction.
The shareholders agreement has been signed in the presence of the Prime Minister of Bhutan, Lyonchen Dasho Tshering Tobgay, and attended by Minister of Finance and the Minister of Energy and Natural Resources.
The Project marks the second major hydropower collaboration between Adani Power and Druk Green Power, following the 570 MW Wangchhu Hydroelectric Project, with CAM advising on that as well.
This forms part of the broader 5,000 MW hydropower development Memorandum of Understanding signed between the Adani Group and Druk Green.
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