B.Grimm enters historic hydro power venture with Bhutan

B.Grimm Power Plc has signed a Memorandum of Understanding (MoU) with Druk Green Power Corporation Limited (DGPC), marking a significant step in developing a hydropower project in Bhutan.

The agreement positions B.Grimm Power as the first foreign company outside India to enter such a partnership in the Himalayan kingdom.

The MoU was signed in Thimphu by Dasho Chhewang Rinzin, Managing Director of DGPC, and Cherdchai Yiwlek, Executive Vice President of B.Grimm Power, representing Harald Link, Chairman of B.Grimm Group. The signing ceremony was witnessed by Bhutanese Prime Minister Tshering Tobgay.

Under the agreement, the companies will jointly explore and develop selected hydropower and solar energy projects in Bhutan through special purpose vehicles (SPVs).

Bhutanese Prime Minister Tshering Tobgay, centre, witnesses the signing ceremony between Dasho Chhewang Rinzin, Managing Director, DGPC, left, and Cherdchai Yiwlek, Executive Vice President, B.Grimm, right.

The partnership seeks to combine DGPC’s expertise in Bhutan’s energy sector with B.Grimm Power’s technical know-how and investment experience in clean energy development across Asia.

Prime Minister Tobgay hailed the agreement as a historic milestone, not only as a business venture between Thai and Bhutanese firms, but also as a symbol of friendship and deeper economic cooperation between the countries.

“Bhutan offers vast opportunities in infrastructure, e-commerce, internet services, and especially hydropower,” he said. “Most importantly, our newly envisioned Mindfulness City presents enormous potential for investment.”

In a light-hearted moment, Mr Tobgay reflected on the name of the Thai company. “What does the ‘B’ in B.Grimm stand for? It’s not just for Bernhard Grimm, the founder. It also stands for ‘big’ and ‘bigger’. Today, we would like the ‘B’ to also stand for ‘Bhutan’. We are delighted to welcome you here.”

Mr Rinzin noted B.Grimm is the first foreign investor beyond India to enter Bhutan’s hydropower sector. The initial phase will focus on developing a 50-megawatt river project, with the potential to expand to 100 MW. DGPC will hold a 51% stake in the venture, with B.Grimm Power holding the rest.

“We warmly welcome B.Grimm Power as a strategic partner in unlocking Bhutan’s rich renewable energy potential,” he said. “This collaboration marks an important step in promoting clean energy investment and technology exchange between our two nations.”

The projects will undergo detailed technical and financial feasibility studies. Both parties will work closely to obtain all required regulatory approvals from the Bhutanese government.

The partnership aligns with Bhutan’s Power System Master Plan, which has identified 155 potential hydropower sites nationwide, with a combined estimated generation capacity of 37 gigawatts and a design energy output of 154 terawatt-hours by 2040.