Cyril Amarchand Mangaldas acted as counsel for Adani Power Limited (“APL”) in relation to the establishment of a joint venture (“Project Company”) with Druk Green Power Corporation Limited (“DGPC”), Bhutan’s state-owned generation utility for setting up a 770 MW Chamkharchhu-I Hydroelectric Project in the Kingdom of Bhutan on a BOOT (Build, Own, Operate, Transfer) model by entering into the investment cum shareholders agreement (“SHA”). APL and DGPC to have 49% and 51% stake in the Project Company respectively.
The SHA has been signed in the presence of the Hon’ble Prime Minister of Bhutan, Lyonchen Dasho Tshering Tobgay, and attended by Hon’ble Minister of Finance and the Hon’ble Minister of Energy and Natural Resources. The Project marks the second major hydropower collaboration between APL and DGPC, following the 570 MW Wangchhu Hydroelectric Project, and forms part of the broader 5,000 MW hydropower development Memorandum of Understanding signed between the Adani Group and DGPC.
The transaction was led by Surya Sreenivasan, Partner (Regional Head — Financial Sponsors (Infrastructure)); with the support from Medha Rao, Principal Associate; and Tanuj Agarwal, Senior Associate.
Paridhi Adani, Partner (Head – Ahmedabad); provided strategic inputs on the transaction.
