Gautam Adani-led Adani Group reportedly plans to build 10 gigawatts (GW) of hydroelectric projects outside of India in the next few years. This would help the conglomerate reach its ambition of net zero carbon emissions by 2050.
According to a report in Reuters that quoted sources, the group is exploring building the projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam. The group is eyeing these countries as the topography is favourable and there is a demand for hydropower.
As per the report, the evaluation process is underway and the group is talking to some of the governments as well as private parties.
This comes after the group announced the signing of an agreement with the Bhutanese government for the construction of a 570 megawatt (MW) hydro power plant in Bhutan’s Chhukha province. It is evaluating constructing a 700 MW project at Chamkarchu, where work can begin immediately since the required approvals are in place.
As per the report, the group is in talks with developers that have rights to build power projects in Nepal. Electricity from Nepal and Bhutan could possibly be exported to India, the sources said.
Adani already has business interests in Kenya, Tanzania, the Philippines, and Vietnam, also in contention for the projects. It operates Kenya’s international airport, announced plans to invest $3 billion in seaport and renewable energy projects in Vietnam, and signed a 30-year concession agreement with Tanzania Port Authority to operate containers terminal.
The conglomerate announced that it would invest $100 billion over the next decade to develop green energy capabilities, including setting up the world's largest solar energy park in Khavda. The group operates 11.2 GW of renewable energy projects through its green energy arm Adani Green Energy, and aims to expand this capacity to 50 GW by 2030.