Adani Group to build 10GW hydro projects overseas: report

The Adani group plans to build 10 gigawatts (GW) of overseas hydroelectric projects in the next few years, Reuters reported, citing unidentified people aware of the development.

Adani is examining building these plants in Nepal, Bhutan, Kenya, Tanzania, the Philippines, or Vietnam, the report said, adding that with the group’s expertise in building pumped hydro storage in India, it is scouting for countries with similar topographies and hydropower demand.

The group is conducting an evaluation and is believed to be in talks with governments and a few private parties in these countries, the report added.

In June, Adani group had agreed with the Bhutan government to construct a 570-megawatt (MW) hydropower plant in Chhukha province. The company also reportedly checking the possibility of building a 700MW project in Chamkarchu, where the work can start immediately as the required approvals have been sought.

The group is also checking with power firms in Nepal for similar agreements. Given the rising demand for power in Nepal and Bhutan, electricity can be exported to the countries.

As the group has a presence in countries like Kenya, Tanzania, the Philippines, and Vietnam, it has identified a few locations and is working on feasibility studies and detailed project reports.

The group has already announced a $1.85 billion investment in leasing and operating the Kenya International Airport and is investing $3 billion in a seaport and renewable energy project in Vietnam. Adani Group entered into a 30-year concession agreement with the Tanzania Port Authority to operate a container terminal in Tanzania.

Adani Green Energy, the renewable energy arm, operates 11.2GW of green energy products and has announced plans to expand its capacity to 50GW by 2030.

The group will invest $100 billion over the next 0 years to expand its green energy capabilities, including setting up the world’s largest solar energy park in western India.

In a separate development, Adani Enterprises Ltd this week said it has launched a qualified institutional placement (QIP) to raise as much as $500 million, in addition to raising an additional $500 million through a green shoe option.

Adani Enterprises board had in May approved a fundraise of Rs16,600 crore or about $2 billion.