Amros Capital has announced plans to develop a 200 MW ground-mounted solar photovoltaic project in Bhutan, with support from the Royal Government of Bhutan. The proposed project aims to expand renewable energy generation in the country, with the government expected to serve as the power offtaker under a long-term power purchase agreement (PPA).
The project is estimated to require a total investment of approximately ₹850 crore, translating to around ₹4.25 crore per MW. The proposed financing structure follows a 70:30 debt-to-equity ratio, comprising approximately ₹595 crore in senior debt and ₹255 crore in equity. However, the final funding structure will depend on lender due diligence and the necessary approvals.
The largest share of the estimated project cost will be allocated to equipment procurement, including solar modules, inverters, mounting structures and other balance-of-system components. This segment is budgeted at ₹600 crore, representing around 70% of the total investment.
Another ₹100 crore, or approximately 12% of the overall budget, is earmarked for evacuation infrastructure, substations and transmission connectivity. Engineering, procurement and construction (EPC), civil works and specialised logistics required for the challenging hill terrain are estimated to cost ₹85 crore, accounting for 10% of the project cost.
The remaining ₹65 crore, representing around 8% of the total investment, will cover project development expenses, interest during construction, contingencies and associated fees.
Following the achievement of financial close, construction is expected to take approximately 12 months. The facility is projected to generate around 333 million units of electricity during its first year of operation, contributing to Bhutan’s renewable energy capacity and electricity supply.
Amros Capital is seeking strategic partnerships to advance the project from the concept stage towards implementation. The company is looking for an experienced solar project developer to lead or jointly manage development activities, including preparation of the detailed project report, obtaining permits, securing grid connectivity and negotiating the PPA through financial close.
The company is also seeking a utility-scale solar EPC contractor to undertake the project’s design, equipment supply and construction. The selected contractor will need to manage the logistical challenges associated with the hilly terrain and develop the required power evacuation infrastructure.
In addition, Amros Capital has invited infrastructure funds, strategic investors and family offices to participate as equity investors alongside the company and its project partners.
According to the proposed project framework, land has been secured through the Royal Government of Bhutan, while a government-backed PPA is envisaged for electricity offtake. Key upcoming activities include completing the detailed project report, conducting energy-yield assessments, carrying out site studies, evaluating grid integration requirements and undertaking environmental reviews.
The project represents a proposed investment in Bhutan’s utility-scale solar sector. Its progress will depend on completing the remaining technical assessments, securing financing and obtaining the required regulatory and project approvals.
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