Subhalakshmi Naskar
Cyril Amarchand Mangaldas (CAM) guided the establishment of a joint venture between Adani Power and Druk Green Power Corporation (DGPC) for an undisclosed amount.
CAM counselled Adani Power with partners Subhalakshmi Naskar and Surya Sreenivasan leading the team. Principal associate Viraj Gami, associate Tanuj Agarwal, as well as the projects and finance team provided support. Ahmedabad head Paridhi Adani also worked on specific aspects of the transaction.
The joint venture company with DGPC, Bhutan’s state-owned generation utility, is being established for the development of the 570MW Wangchhu hydroelectric project in the kingdom.
In the build, own, operate and transfer project company, Adani Power and DGPC will hold 49% and 51%, respectively.
CAM advised Adani Power on the review, negotiation and finalisation of the investment-cum-shareholders’ agreement, the concession agreement with the Bhutanese government, and the term sheet recording the in-principle understanding on the power purchase agreement.
The transaction documents were executed in the presence of the Prime Minister of Bhutan, Dasho Tshering Tobgay, and Gautam Adani, chairman of the Adani Group.
This development marks the first hydroelectric project to be undertaken under the memorandum of understanding signed in May 2025 between the Adani Group and DGPC for the joint development of 5,000MW of hydropower in Bhutan.
