Druk Green Power

What Druk Green Power does

Druk Green Power Corporation Limited (DGPC) is Bhutan's state-owned national clean energy company and the country's sole power generation utility, wholly owned by Druk Holding and Investments (DHI). Founded in 2007/2008 and headquartered in Thimphu, DGPC operates an installed renewable capacity of 2,471 MW across major hydropower plants including Chhukha (336 MW), Tala (1,020 MW), Mangdechhu (720 MW), Basochhu (64 MW), and Kurichhu (60 MW), plus embedded renewable capacity. In 2024, the company generated 11,302 GWh of electricity, with revenue from power sales more than doubling following the consolidation of the Mangdechhu hydropower plant.

DGPC's core technology centers on run-of-river, reservoir, and pumped storage hydropower generation, supplemented by solar PV (Sephu, Jamjee, and the 35 MWp DSPIP program) and a small embedded wind portfolio. The company operates through a layered structure: directly-operated major plants, wholly-owned subsidiaries (Druk Hydro Energy Limited for small hydro ≤150 MW, Bhutan Hydropower Services Limited for hydro-mechanical and O&M services, Bhutan Automation & Engineering Limited for SCADA and protection systems, and Druk Green Energy Trading), plus jointly-controlled project SPVs with Tata Power (60% DGPC / 40% Tata in Khorlochhu and Dorjilung) and Adani Power (51% DGPC / 49% Adani in Wangchhu). Technology supply is supported by partners including Andritz Hydro.

DGPC's business model is anchored on bilateral long-term power purchase agreements. Domestic electricity is sold exclusively to Bhutan Power Corporation Limited for in-country distribution, while surplus generation is exported to India through PTC India Limited under government-to-government treaties, with project-specific PPAs to Indian state electricity boards (e.g., UPPCL's 511 MW Khorlochhu procurement at Rs 6.75/unit for 30 years from May 2030). Underlying offtake prices are negotiated rather than market-cleared, with 15% of annual energy production provided as royalty energy to the Royal Government of Bhutan. The company executes its 25 GW-by-2040 Corporate Strategy Plan through blended multilateral financing (World Bank, ADB, OPEC Fund, Kuwait Fund) and strategic capital partnerships with Tata Power and Adani Power.

Name

Druk Green Power

Legal name

Druk Green Power Corporation Limited

Website

https://drukgreen.bt

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Druk Green Power Corporation Limited is Bhutan's state-owned national clean energy company and sole power generation utility, operating 2,471 MW of installed hydropower capacity. It serves Bhutan's domestic electricity needs through Bhutan Power Corporation Limited and exports surplus power to India via long-term bilateral agreements.

Ownership category

akta.pro rank

Headquarters

HQ city

Thimphu

HQ country

Bhutan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Domestic Electricity Sales: DGPC generates electricity from its hydropower plants and sells to Bhutan Power Corporation Limited for domestic consumption within Bhutan.
2. Cross-Border Electricity Exports to India: Surplus electricity is exported to India through PTC India Limited under long-term bilateral power purchase agreements. Nearly 80% of generation from major projects like Dorjilung is supplied to India.
3. Royalty Energy: DGPC provides 15% of annual energy production as royalty energy to the Royal Government of Bhutan as part of project agreements.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Druk Green Power Corporation (DGPC) is Bhutan's national clean energy company that develops, owns, and operates hydropower and renewable energy assets to generate electricity for domestic consumption and cross-border export. The company operates 2,471 MW of installed renewable capacity across major hydropower plants and sells power wholesale to Bhutan Power Corporation Limited domestically and to India through PTC India Limited under long-term bilateral Power Purchase Agreements.

Product overview

Druk Green Power Corporation (DGPC) is Bhutan's national clean energy company operating a diversified portfolio of renewable energy products and services. The core offering consists of hydropower generation (2,453 MW installed capacity across major plants including Chhukha, Tala, Mangdechhu, Basochhu, and Kurichhu), supplemented by solar energy projects and wind energy. DGPC delivers these through a multi-level structure: directly operated major hydropower plants, subsidiary companies (Druk Hydro Energy Limited for small hydro ≤150 MW, Bhutan Hydropower Services Limited for O&M and hydro-mechanical works, Bhutan Automation & Engineering Limited for automation systems), and joint venture SPVs for large projects (Dorjilung Hydro Power Limited with Tata Power for 1,125 MW, Khorlochhu Hydro Power Limited with Tata Power for 600 MW, Wangchhu Hydro Power Limited with Adani Power for 570 MW). The company also provides specialized services including hydropower design and investigation, research and development, operations and maintenance, and energy trading through its centers of excellence and subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydropower Generation DGPC develops, owns, and operates the largest portfolio of hydropower projects in Bhutan, forming the foundation of the country's electricity supply and export economy. Portfolio includes major operational plants such as Chhukha (336 MW), Tala (1,020 MW), Mangdechhu (720 MW), Basochhu (64 MW), and Kurichhu (60 MW), with projects under development including Dorjilung (1,125 MW), Khorlochhu (600 MW), and Wangchhu (570 MW).
• Solar Energy Generation DGPC's strategic pillar for complementing hydropower and addressing seasonal energy deficits. Includes rooftop and utility-scale solar projects such as the 23 MWp Sephu utility solar, 120 MWp Jamjee utility solar, and the 35 MWp Distributed Solar for Public Infrastructure Project (DSPIP).
• Wind Energy Part of DGPC's embedded renewable portfolio supporting diversification beyond large hydropower. The corporation has 9 MW of non-hydro clean energy capacity within its renewable base.
• Hydropower Design and Investigation Services DGPC provides hydropower project investigation, design and engineering, tendering and contracting, and construction management services through its centers of excellence, building complete in-house development capabilities.
• Hydropower Research and Development Centre Services Centers of excellence providing condition-based monitoring, automation, control and protection, civil and geotechnical engineering, and other related research facilities for hydropower projects.
• Operations and Maintenance Services Centre Specialized O&M support services for hydropower assets ensuring robust operations, redundancy planning, and skilled workforce management.
• Druk Green Energy Trading Energy trading services supporting Bhutan's cross-border electricity trade arrangements and regional power markets through wholly-owned subsidiary Druk Green Energy Trading.

Quantifiable outcome

• Nearly 80% of Dorjilung project generation exported to India, generating approximately $4 billion in revenues for Bhutan over 30 years
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Patel Engineering LimitedminorImplementation/ SI/ Consulting Partner · 6 April 2026Indian infrastructure company appointed as principal contractor for Dorjilung Hydroelectric Power Project pre-construction phase including construction of two diversion tunnels, hydromechanical gates, and highway road tunnel.
• Rigsar Construction Private LimitedminorImplementation/ SI/ Consulting Partner · 6 April 2026Bhutanese construction company appointed for Dorjilung project Package II including construction of Adit-4 of Head Race Tunnel and Cable Access Tunnel.
• Bhutan Hydropower Services Limited (BHSL)coreStrategic or Co-development Partner · 28 March 2026DGPC subsidiary specializing in hydro-mechanical works, operation and maintenance support, and engineering services. Signed Nu. 1.069 billion contract for Druk Bindu I & II hydro-mechanical works.
• Adani Power LimitedcoreStrategic or Co-development Partner · 1 January 2026MoU for joint development of 5,000 MW of hydropower capacity including the 570 MW Wangchhu hydroelectric project in western Bhutan. DGPC holds 51% stake, Adani holds 49% in Wangchhu joint venture.
• B.Grimm Power (Thailand)minorStrategic or Co-development Partner · 1 January 2026Strategic partnership expanding DGPC's regional network in Southeast Asia for energy cooperation.
• Tata Power Company LimitedcoreStrategic or Co-development Partner · 1 November 2025Joint development of Khorlochhu (600 MW) and Dorjilung (1,125 MW) hydropower projects. MoU (2025) covering 5,000 MW of combined hydropower and solar capacity across Bhutan. DGPC holds 60% equity stake, Tata Power holds 40% in joint ventures.
• PTC India LimitedcoreChannel Partner/ Reseller/ DistributorCross-border electricity trade arrangements supporting Bhutan's role in regional power markets and long-term electricity export agreements with Indian buyers.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• NTPC Limited: India's largest power generator across thermal, hydro, and renewables. Comparable as a broad Indian incumbent counterpart to DGPC, with overlapping cross-border procurement relationships through PTC India.
• Brookfield Renewable Partners: Globally listed pure-play renewable IPP with significant hydropower and pumped-storage assets. Comparable to DGPC in technology focus (run-of-river, reservoir, pumped storage hydro) and project pipeline orientation.
• China Three Gorges Corporation: World's largest hydropower operator and a Chinese state-owned developer of mega-hydro projects. Comparable to DGPC in scale of hydropower ambition and sovereign ownership, though operating across a vastly larger asset base.

Direct peers

• Statkraft: Norway's state-owned hydropower major and Europe's largest generator of renewable energy. Comparable to DGPC as a sovereign-backed hydropower operator with deep operational expertise and a long-term renewable expansion mandate.
• SJVN Limited: Indian hydropower PSU operating plants domestically and in neighboring countries (including Bhutan). Comparable to DGPC as a state-owned hydropower generator with cross-border project exposure and government-to-government PPAs.
• NHPC Limited: India's largest hydropower public-sector undertaking and developer of large cross-border hydro projects. Closely comparable to DGPC as a state-backed hydropower generator with a significant project development pipeline and government-driven offtake.
• Hydro-Québec: Canadian state-owned hydropower utility with large installed hydro capacity and a long history of cross-border electricity exports. Directly comparable to DGPC in mandate, ownership structure, and reliance on long-term export contracts.

Regional players

• Bhutan Power Corporation Limited: Bhutan's national electricity distribution utility and DGPC's sole domestic offtaker. Operates in the same country and energy value chain, with comparable scale and sovereign backing, though its role is distribution rather than generation.

Others

• Adani Power Limited: Indian private-sector power generator and DGPC's joint-venture partner for the 570 MW Wangchhu project and 5,000 MW pipeline. Comparable through partnership and Indian offtake channels, though primarily a thermal and renewables IPP rather than hydropower specialist.
• Tata Power Company Limited: Indian integrated power major and DGPC's strategic joint-venture partner in Dorjilung, Khorlochhu, and a 5,033 MW clean energy portfolio. Comparable through joint development activity, though broader and more diversified than DGPC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Druk Green Power