Anil Ambani’s new project will be the single largest investment in renewable energy sector and the largest foreign direct investment (FDI) by an Indian company in the country.
Anil Ambani-led Reliance Group launched a new company, which has invested in Bhutan and said it will set up 1,270 megawatt solar and hydroelectric projects in the Himalayan Kingdom. The partnership between Reliance Group and Druk Holding will focus on green energy generation, specifically solar and hydropower initiatives, while also exploring innovative green technologies.
According to a Times Of India report, an investment amount will be off around $1 billion, which can be a major revival for the group.
Anil Ambani’s Major Investment
The Indian group has set up a new company, Reliance Enterprises, for investments in Bhutan’s renewable and green energy sector. Reliance Enterprises will be jointly promoted by Mumbai-listed Reliance Infrastructure Ltd and Reliance Power Ltd.
It will set up a 500 MW solar plant in two phases of 250 MW each over the next two years.
Reliance Power and Druk Holding will also jointly develop the 770 MW Chamkharchhu-1 hydro project. The project has been classified as a run-of-the-river project and under a concession model in accordance with Bhutan government policy.
Anil Ambani’s Big Plan Through New Company
The 500 MW solar power plant will be set up in Gelephu Mindfulness City, Bhutan.
Once completed, the solar plant will be the largest of its kind, surpassing all existing solar installations in the country, and will produce clean, renewable energy to help mitigate the impacts of climate change.
The group said in a statement, “entered into a strategic partnership agreement with Druk Holding and Investments Ltd (DHI), the commercial and investment arm of the Royal Government of Bhutan, to undertake various initiatives aimed at bolstering investment in the renewable and green energy landscape of Bhutan.”
Reliance Group On New Project
The partnership agreement was signed by Harmanjit Singh Nagi, President (Corporate Development), Reliance Power Ltd and Ujjwal Deep Dahal, CEO, Druk Holding and Investments, in the presence of Anil Ambani.
Land for the project has been earmarked, and a technical team comprising experts from Reliance, Druk Holding, and external consultants is actively engaged in site assessments and technical studies, according to the statement.
“Reliance Group will collaborate with government-owned companies in Bhutan to implement infrastructure projects that support Bhutan’s net-zero goals,” the statement said.
Jointly promoted by Reliance Infrastructure Ltd and Reliance Power Ltd, Reliance Enterprises will focus on enhancing sustainable energy solutions and implementing smart distribution and metering systems throughout Bhutan.
“This initiative underscores Reliance Group’s long-term commitment to Bhutan and its renewable energy landscape. Moreover, it reflects a dedication to sustainable development, while drawing inspiration from Bhutan’s renowned Gross National Happiness Index, aiming to promote both economic growth and the well-being of people,” it said.
(With inputs from PTI)