Adani Power shares jump 5% on Bhutan hydroelectric project
Adani Power's shares jumped 5% to ₹640.55 on Monday, right after the company announced the signing of a shareholders' agreement with Bhutan's Druk Green Power Corporation for a new 570 MW hydroelectric project in Wangchhu.
The agreement, signed September 5, marks Adani Power's big entry into Bhutan's renewable energy scene.
Just before this news, the stock closed at ₹609.80 last Friday.
New company will be based in Bhutan
The new company will be based in Bhutan, with Druk Green owning 51% and Adani Power holding 49%.
Both sides get equal say on the board—three directors each—and initial shares are split almost evenly at BTN100 per share.
This move is part of Adani Power's push to grow internationally in renewables, aiming to boost its green energy portfolio and set up more projects like this down the line.