Reliance Power share price edges higher after THIS power purchase agreement in Bhutan. Details here
Anil Ambani group company Reliance Power share price edged higher less than a per cent in Tuesday's trading session after the company announced partnership with DHI to develop Bhutan's largest 500 MW solar power project through 50:50 joint venture.
At 9:40 am, Reliance Power shares climbed to ₹ 46.22 apiece touching intraday high on National Stock Exchange (NSE) on May 20. Anil Ambani group stock has given multibagger returns by soaring over 2,482.78 per cent in five years.
Reliance Power that it has signed a commercial term sheet for a long-term power purchase agreement (PPA) with Green Digital Private Limited (GDL), a company owned by Druk Holding and Investments Limited (DHI), the investment entity of the Royal Government of Bhutan.
'Reliance Power and DHI will jointly develop Bhutan's largest solar power project through a 50:50 venture, with an installed capacity of 500 MW. The project entails a capital outlay of up to INR 2,000 crores under Build-Own-Operate (BOO) model, representing the largest private sector foreign direct investment (FDI) in Bhutan's solar energy sector to date,' the company said in a release on May 19.
Reliance Power claims to be India's largest player in the integrated Solar plus Battery Energy Storage System (BESS) segment, with a clean energy pipeline totaling 2.5 GWp of solar power and more than 2.5 GWh of BESS capacity.
The company stated that the project, set to be rolled out in phases over the next 24 months, is anticipated to significantly boost Bhutan's solar power capacity, exceeding the country's existing solar infrastructure.
'The landmark solar investment in Bhutan underscores Reliance Group's strategic focus on expanding its renewable energy portfolio, while reinforcing its long-term commitment to strengthening India-Bhutan economic cooperation. Reliance Power's total clean energy pipeline stands at 2.5 GWp solar and >2.5 GWhr BESS, making it India's largest player in the integrated Solar + BESS segment,' it added.
Reliance Power recently reported a strong set of results for the January-March quarter of the financial year 2024-25 (Q4 FY25).
Reliance Power posted a consolidated net profit of ₹ 126 crore in the January-March quarter of FY25 due to lower expenses. The company had reported a loss of ₹ 397.56 crore in the quarter ended on March 31, 2024, a regulatory filing showed.
Total income declined to ₹ 2,066 crore in the fourth quarter, down from ₹ 2,193.85 crore during the corresponding period last year.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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