Reliance Power Ltd has signed a commercial term sheet for a long-term power purchase agreement (PPA) with Bhutan’s Green Digital Pvt Ltd (GDL) for a 500 MW solar project.
GDL is owned by Druk Holding and Investments Ltd (DHI), the investment arm of the Royal Government of Bhutan.
The 500 MW plant will be developed by Reliance Power through a 50:50 joint venture with DHI on a build-own-operate (BOO) basis. The project entails a capital outlay of up to INR 2,000 crore, representing the largest private sector foreign direct investment (FDI) in Bhutan’s solar energy sector to date.
This project will be executed over the next two years in a phased manner. Once completed, the solar plant will be Bhutan’s largest PV installation.
Reliance Power stated that it has commenced the engineering, procurement, and construction (EPC) tendering process, adhering to international competitive bidding standards to ensure optimal technical execution and cost efficiency. The company has also initiated engagement with leading financial institutions to structure sustainable, long-tenor project finance solutions, focused on optimizing capital structure and enhancing overall financing efficiency.
Reliance Power has 2.5 GWp of solar and more than 2.5 GWh of battery energy storage system (BESS) projects in pipeline, making it India’s largest player in the integrated solar plus BESS segment.
Reliance Power Ltd, part of the Reliance Group, is one of India’s leading private sector power generation companies with an operating portfolio of 5,305 MW, including 3.96 MW Sasan Power Ltd (world’s largest integrated coal-based power plant).
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