India's 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 (ADNA.NS), opens new tab, 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.
