JSW Energy, Bhutan’s DGPC Sign Pact to Develop 920 MW Punatsangchhu-III Hydro Project
JSW Energy has signed a Shareholders’ Agreement with Bhutan’s Druk Green Power Corporation to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project, with JSW Neo Energy holding a 49 percent stake and DGPC 51 percent.
August 13, 2026. By Mrinmoy Dey
The project will be developed through a joint venture company in which DGPC will hold 51 percent and JSW Neo Energy (wholly-owned subsidiary of JSW Energy) will hold 49 percent of the equity share capital. This marks the company's first power generation venture outside India. The Detailed Project Report preparation is under way, jointly by DGPC and JSW Energy.
Bhutan is among the world's few carbon-negative countries, with a power system built entirely on clean hydropower and being expanded to other renewables such as solar. The country's Himalayan river systems offer substantial untapped hydroelectric potential. Bhutan has a long-established record of developing and operating large hydro assets, mostly in partnership with India. DGPC, as Bhutan's generation utility, brings decades of design engineering, development, and operating expertise across the country's hydropower assets to the partnership.
Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said, “We are privileged to partner with Druk Green Power Corporation on Punatsangchhu-III, our first power generation venture outside India – bringing together two organisations with deep experience in developing and operating large hydroelectric assets in Himalayan terrain. Bhutan is one of the world's few carbon-negative nations, and we are proud to contribute to the further development of its clean energy resources. At 920 MW, this project meaningfully strengthens our hydro portfolio and advances our green transition, adding clean, dispatchable capacity that complements wind and solar generation and supports stable, predictable cash flows.”
JSW Energy has a total locked-in generation capacity of 32.4 GW, comprising 14.9 GW operational and 13.5 GW under construction across thermal, hydro and renewables, and a pipeline of 4 GW. In hydro, the company has an operating portfolio of 1,781 MW. It also has 29.6 GWh of locked-in energy storage capacity, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems. JSW Energy aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, and to achieve carbon neutrality by 2050.
please contact: contact@energetica-india.net.
Dr. Faruk G. Patel
Chairman and MD
KP Group Eyes 10 GW by 2030 as Hybrid Power, BESS and Green Hydrogen Gain Momentum
Ravi Chawla
MD & CEO
EV Growth Won’t Displace ICE Vehicles Anytime Soon: Ravi Chawla
Deepak Thakur
MD & CEO
Hinduja Renewables MD Deepak Thakur Says RTC and Storage Will Shape India’s Clean Energy Future
Ashish Kauleshnam
Associate Director & Vertical Head - Automotive Design, Engineering & Manufacturing
Ashish Kauleshnam, Tata Elxsi on How AI, Digital Engineering, Advancing Sustainable Mobility
Avinash Hiranandani
Vice Chairman and MD
Continuous Innovation is Fundamental to RenewSys’ Growth Strategy: Avinash Hiranandani