Adani Power and DGPC Sign Shareholders Agreement for 770 MW Chamkharchhu-I Hydropower Project in Bhutan

Adani Power and Bhutan's state-owned Druk Green Power Corporation Ltd (DGPC) signed a Shareholders Agreement on 5 October 2026 to develop the 770 MW Chamkharchhu-I Hydroelectric Project in Bhutan. As of 6 October 2026, the signing is complete. Construction and commissioning are still planned future stages. The deal matters for India-Bhutan energy cooperation, public-private infrastructure models and cross-border power trade.

Adani Power–DGPC Chamkharchhu-I deal: key facts

Event date versus publication date

The signing date is 5 October 2026. The GKToday report we rely on for the project details is dated 6 October 2026, so the report came a day after the event. Use 5 October when you need the date of the agreement.

What is completed, and what is still ahead

Completed

• The Shareholders Agreement between Adani Power and DGPC has been signed.

Scheduled or expected, not yet done

• Construction is only expected to begin in the first half of 2027. It had not started as of 6 October 2026.
• Commissioning is a target of within six years of groundbreaking. The 30-year concession runs from the date of commercial operation, which has not happened.

Project design explained

Run-of-river with peaking capability

A run-of-river scheme generates power from the natural flow of a river and usually has limited reservoir storage. The source says this project also has peaking capability. That means it can store and release water to meet higher-demand periods, so output can follow demand more closely than in a basic run-of-river plant.

The BOOT model

BOOT stands for Build, Own, Operate and Transfer. It is a public-private arrangement for infrastructure. The private partner takes part in building and running the asset during the concession period, and the asset is then transferred. The source does not state the transfer terms, so they should not be assumed.

Equity split

DGPC, the Bhutanese state-owned company, holds the majority at 51%. Adani Power holds 49%. A 49:51 structure is easy to mix up in an exam, so note which side holds the majority.

Background: how this fits earlier agreements

• May 2025: NDTV, carrying an ANI report dated 8 May 2025, reported that the Adani Group and DGPC signed an MoU in Thimphu to jointly develop 5,000 MW of hydropower projects. That MoU covers additional hydropower and pumped storage projects, to be identified, with Detailed Project Reports prepared and implementation in phases. GKToday describes Chamkharchhu-I as part of this broader 5,000 MW framework.
• Wangchhu project: GKToday describes a 570 MW Wangchhu agreement signed in September 2025 and calls Chamkharchhu-I the second major Adani Power–DGPC collaboration. The May 2025 NDTV report refers to the project as 570/900 MW, with DGPC holding 51% and Adani 49%.
• Bhutan's roadmap: The May 2025 report says the 5,000 MW initiative aligns with Bhutan's Renewable Energy Roadmap. The roadmap aims at an additional 20,000 MW of generation capacity by 2040 and prioritises solar and geothermal diversification.

Why it matters for India–Bhutan energy trade

GKToday links the project to Bhutan's winter electricity demand and to exporting surplus green power to India in summer. It describes cross-border electricity trade as a key part of the long-standing hydropower cooperation between the two countries. The May 2025 report adds that Adani is to ensure reliable power offtake and integration with India's commercial power markets. The sources do not give the project's expected tariff, investment cost or power-purchase terms.

Exam-oriented notes

These points are useful for revision. They do not predict any exam question.

• DGPC is Bhutan's state-owned generation utility and a subsidiary of Druk Holding & Investments, which is the commercial arm of the Royal Government of Bhutan.
• Chamkharchhu-I is in Zhemgang district, central Bhutan.
• Remember the pair: 770 MW (Chamkharchhu-I) and 570 MW (Wangchhu, as described by GKToday).
• Remember the structure: BOOT, 49:51 equity and a 30-year concession from commercial operation.
• Remember the framework: a 5,000 MW MoU signed in May 2025.

Evidence limits

• The detailed project terms in this note come from a single report, GKToday's. An NDTV related-news headline refers to the 770 MW project, but its text was not available to us for cross-checking.
• The project cost, financing arrangements, regulatory approvals and the names of the signatories to the October 2026 agreement are not in the evidence.
• The sources describe the Wangchhu agreement differently: the May 2025 report says the Shareholders' Agreement was initialled, while GKToday refers to an agreement signed in September 2025. Check an official or primary source for the exact status before treating either as definitive.
• The construction start and commissioning timeline are expectations and targets, not completed events.

FAQ

When was the Adani Power–DGPC agreement signed?

On 5 October 2026, according to GKToday's report dated 6 October 2026.

How much of the project does Adani Power own?

Adani Power holds 49% equity and DGPC holds 51%.

Has construction started?

No. As of 6 October 2026, construction is only expected to begin in the first half of 2027.

What does BOOT mean?

Build, Own, Operate and Transfer, a public-private infrastructure model. Here the concession period is 30 years from the date of commercial operation.