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JSW Energy’s subsidiary JSW Neo Energy has signed a shareholders’ agreement with Bhutan’s Druk Green Power Corporation to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project in Wangdue Phodrang District. The project will be developed through a joint venture in which DGPC will hold a 51% stake and JSW Neo will own 49%. The agreement marks JSW Energy’s first power generation venture outside India, with both partners currently preparing the detailed project report. The project will leverage Bhutan’s significant hydropower potential and DGPC’s experience in developing and operating large hydroelectric assets. JSW Energy has a locked-in generation capacity of 32.4 GW, including 14.9 GW operational and 13.5 GW under construction, along with a 4 GW pipeline. The company is targeting 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030.
JSW Energy’s subsidiary JSW Neo Energy has entered into an agreement with Bhutan’s Druk Green Power Corporation (DGPC) to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project in Bhutan, marking the company’s first power generation venture outside India.
The project, located in Wangdue Phodrang District, will be developed through a joint venture company in which DGPC will hold a 51% stake, while JSW Neo Energy will own the remaining 49%. The shareholders’ agreement was signed in the presence of the Prime Minister of Bhutan.
Under the partnership, DGPC and JSW Neo Energy are jointly preparing the detailed project report for the hydroelectric project.
Bhutan has a power system based entirely on clean hydropower and is expanding its renewable energy capacity to include sources such as solar. Its Himalayan river systems also offer substantial untapped hydropower potential. The country has a long-established track record of developing and operating large hydroelectric assets, predominantly through partnerships with India.
DGPC, Bhutan’s generation utility and a wholly owned subsidiary of Druk Holding & Investments, the commercial arm of the Royal Government of Bhutan, will contribute its experience in the design, engineering, development and operation of the country’s hydropower assets.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said the company was partnering with DGPC on the Punatsangchhu-III project as its first power generation venture outside India. He said the partnership would bring together the two organisations’ experience in developing and operating large hydroelectric projects in Himalayan terrain.
JSW Energy currently has a total locked-in generation capacity of 32.4 GW. This includes 14.9 GW of operational capacity and 13.5 GW under construction across thermal, hydro and renewable energy projects, besides a pipeline of 4 GW.
In the hydropower segment, the company has an operational portfolio of 1,781 MW and is the largest private hydropower generator in India. Its energy storage portfolio includes 29.6 GWh of locked-in capacity, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems.
The company has set a target of reaching 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. It has also committed to achieving carbon neutrality by 2050.
Source - PTI
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