The shares of Reliance Power (NSE: RPOWER), a subsidiary of Reliance Group, were trading at ₹53.64 up by ₹2.55 or 4.99 per cent on the NSE today at 11 am, a day after Reliance Group entered into a strategic partnership with Druk Holding and Investments Ltd. (DHI), the commercial arm of Bhutan’s government, to develop significant renewable energy projects in the country. The agreement, signed on October 2, 2024, includes plans for a 500 MW solar plant and a 770 MW hydropower project.
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The solar plant, to be built in Gelephu Mindfulness City, will be developed in two 250 MW phases over the next two years. Once completed, it will be Bhutan’s largest solar installation. Simultaneously, Reliance Power Ltd. and DHI will jointly develop the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river facility.
To spearhead these initiatives, Reliance Group has established Reliance Enterprises, a new company dedicated to promoting and investing in Bhutan’s clean and green energy sector. This venture is jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd.
The partnership marks one of the largest foreign direct investments in Bhutan’s renewable energy sector by an Indian private company. It aligns with Bhutan’s net-zero goals and aims to enhance the country’s sustainable energy solutions.
Ujjwal Deep Dahal, CEO of DHI, expressed enthusiasm for the partnership, stating it leverages the strengths of both organisations in green energy development.
This collaboration is expected to contribute substantially to Bhutan’s renewable energy capacity, which currently stands at 2,452 MW, and support the country’s economic growth while adhering to its Gross National Happiness Index principles.
The company has successfully secured two projects totalling 1,270 MW of renewable energy, which includes 500 MW of solar energy and 770 MW of hydro energy. The initiative will be undertaken as a joint venture with the commercial and investment arm of the Royal Government of Bhutan, Druk Holding and Investments.
According to a company statement, the partnership between Reliance Group and Druk Holding aims to prioritise green energy generation, specifically focusing on solar and hydropower initiatives, while also exploring innovative green technologies. To facilitate this project in Bhutan, the Reliance Group has established a new company named Reliance Enterprises.
Meanwhile, the Reliance Power is also due to have a board meeting later today to chart a roadmap its fundraise plans, aimed to enhance its renewable energy portfolio. On the other hand, the board of Reliance Infrastructure also gave its approval to raise Rs 3,014.4 crore through a preferential issue of up to 12.56 crore equity shares at an issue price of Rs 240 apiece, last month.
These back-t0-back announcements by the Anil Ambani-led Reliance Group appear to be part of a larger strategy aimed at reviving the conglomerate.
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