Adani Power, Druk Green form joint venture for 770 MW Bhutan hydro project; Cyril Amarchand Mangaldas advises
Adani Power Limited has formed a joint venture with Druk Green Power Corporation Limited to build a 770 MW hydroelectric project in Bhutan. The project, the Chamkharchhu-I Hydroelectric Project, will be developed on a build, own, operate and transfer (BOOT) model under an investment-cum-shareholders agreement.
Under the joint venture, Druk Green Power will hold a 51 per cent stake, while Adani Power will hold 49 per cent.
The agreement was signed in the presence of Bhutan's Prime Minister, Lyonchen Dasho Tshering Tobgay, and was attended by the Minister of Finance and the Minister of Energy and Natural Resources.
Law firm Cyril Amarchand Mangaldas advised Adani Power on the transaction. The deal team was led by Surya Sreenivasan, Partner and Regional Head – Financial Sponsors (Infrastructure), with support from Medha Rao, Principal Associate, and Tanuj Agarwal, Senior Associate. Paridhi Adani, Partner and Head – Ahmedabad, provided strategic inputs.
This is the second major hydropower collaboration between Adani Power and Druk Green Power, following the 570 MW Wangchhu Hydroelectric Project, on which Cyril Amarchand Mangaldas also advised. It is part of the broader 5,000 MW hydropower development memorandum of understanding signed between the Adani Group and Druk Green.
Source: Barandbench