The Reliance group led by on Wednesday launched a new company for
investing in Bhutan’s renewable energy sector, starting with building 1.2 gigawatts of solar and hydropower projects that industry watchers said could entail investments of up to $1 billion and mark a revival of fortunes for the beleaguered entity after becoming nearly debt free recently.

Named Reliance Enterprises, the new entity has been jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd., which became debt-free recently, for undertaking projects in partnership with Bhutan’s sovereign commercial and investment arm, Druk Holding and Investments Ltd. (DHI). Reliance will also collaborate with Bhutan’s state-owned companies for infrastructure projects supporting the country’s netzero goals.

Implementation of smart distribution and metering systems throughout Bhutan will be an area of special focus, the company said in a statement. The partnership agreement was signed today by Harmanjit Singh Nagi, president
(corporate development), Reliance Power and Ujjwal Deep Dahal, CEO of GHI, in the presence of Anil Ambani.