Anil Ambani sets up new company, to launch 1270 MW projects in THIS country

These days, Anil Ambani has been in the news for all for good reasons. Firstly, his Reliance Power became a debt-free company and later Reliance Infra reduced its debt from Rs 3,831 crore to Rs 475 crore. Now, the Reliance Group led by Anil Ambani has announced its foray into Bhutan. Reliance will set up 1,270 megawatt solar and hydroelectric projects in the Himalayan Kingdom.

It "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," the group said in a statement. 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.

For the new project, Reliance 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. The new firm will focus on enhancing sustainable energy solutions and implementing smart distribution and metering systems throughout Bhutan.

READ | Gautam Adani's new move, merges two subsidiaries with THIS company to focus on...

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.

Moreover, 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.

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.

(With inputs from PTI)