Adani Group plans to build 10 gigawatts of overseas hydroelectric projects over the next few years, four sources familiar with the plans told Reuters, helping the conglomerate reach its net zero carbon emissions goal by 2050.
Billionaire owner Gautam Adani, whose businesses span from rice to cement, announced in 2022 the group would invest $100 billion over the next decade to develop green energy capabilities including setting up the world's largest solar energy park in western India.
The group is exploring building hydroelectric projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam, said the sources, who declined to be named as the talks are private.
While the group is mostly focussed on building pumped hydro storage in India, it is drawn to countries that have favourable topography and demand for hydropower.
Adani Group, through its green energy arm Adani Green Energy, operates 11.2 GW of renewable energy projects, and aims to expand this capacity to 50 GW by 2030, according to the company's website.
The Adani group did not respond to a request for comment.
"Evaluation process is being done in a number of countries. The group is talking mostly with governments and to some private parties too," one of the sources said.
In June, Gautam Adani announced that the group had signed an agreement with Bhutan's government for the construction of a 570 megawatt (MW) hydro power plant in the country's Chhukha province.
It is also evaluating constructing a 700 MW project at Chamkarchu in Bhutan, where the work can start immediately as required approvals are in place, two of the four sources said.
The group is already in talks with developers that have rights to build power projects in Nepal, the sources said, adding electricity from Nepal and Bhutan can be exported to India.
India's power demand is expected to rise because of strong economic growth.
Adani already has business interests in Kenya, Tanzania, the Philippines, and Vietnam where it has identified locations and is working on multiple feasibility studies and detailed project reports, the sources said.
Authorities in Nepal, Bhutan, Kenya, Tanzania, the Philippines and Vietnam did not respond to Reuters requests for comments.
Adani has pledged to invest $1.85 billion for leasing and operating Kenya's international airport and announced plans to invest $3 billion in seaport and renewable energy projects in Vietnam.
Earlier this year, it signed a 30-year concession agreement with Tanzania Port Authority to operate a containers terminal.
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