Anil Ambani’s Reliance Group Invests in Green Projects in Bhutan

(Bloomberg) -- Anil Ambani’s Reliance Group said it’s partnered with Bhutan’s Druk Holding and Investments Ltd. to develop solar and hydro energy plants in the South Asian nation.

Reliance Power Ltd. and Reliance Infrastructure Ltd. formed a new entity, Reliance Enterprises Pvt Ltd., or REPL, in Bhutan, which will “promote and invest in the clean and green energy sector,” according to a statement filed on the Indian stock exchanges on Wednesday. 

REPL will own a 50% stake in a 500 mega-watt solar power plant in Gelephu Mindfulness City and a 49% stake in a 770 MW hydro-plant. Druk Holding, the investment arm of the Royal Government of Bhutan, will own the remaining stakes in both power projects.

Reliance Group didn’t state the amount it’s investing in the projects but said the solar plant initiative would be the single largest investment in Bhutan’s renewable energy sector and the largest foreign direct investment by an Indian company in the country.

“The partnership between Reliance Enterprises and Druk Holding leverages the strengths of both organizations in the areas of green energy and development,” said Ujjwal Deep Dahal, chief executive officer of Druk Holding.

©2024 Bloomberg L.P.