Reliance Group, led by Anil Ambani, announced on Wednesday that it will work with Bhutan’s government investment arm to develop solar and hydro power projects in the country.
The company will create a new subsidiary, jointly owned by its Mumbai-listed companies, Reliance Power and Reliance Infrastructure. This subsidiary will focus on generating 500 megawatts of solar energy and 770 megawatts of hydro energy in collaboration with Bhutan’s Druk Holding and Investments.
While the company did not reveal how much it will invest, Reliance Power is looking to grow in the renewable energy sector. Recently, it raised $183 million and plans to secure additional funds soon.
Reliance Power also mentioned that it has cleared all its debts to banks and financial institutions after paying off $461 million owed to one of its units.
Earlier this year, Gautam Adani, another Indian billionaire, signed a deal for a 570-megawatt green hydro project in Bhutan.
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