Billionaire Gautam Adani, whose business interests range from rice to cement, announced in 2022 that the group intends to invest $100 billion over the next decade to enhance its green energy capabilities. This includes plans to establish the world's largest solar energy park in western India.

The sources indicated that the group is considering hydroelectric projects in various countries, including Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam. They chose not to be named due to the confidential nature of the discussions.

While the group primarily focuses on building pumped hydro storage in India, it is also interested in countries with favourable topography and a high demand for hydropower. Through its green energy subsidiary, Adani Green Energy, the group currently operates 11.2 gigawatts of renewable energy projects and aims to increase this capacity to 50 gigawatts by 2030, as noted on the company’s website.

The Adani Group did not respond to a request for comment. One of the sources mentioned that the evaluation process is on-going in several countries, with discussions primarily occurring with government entities and some private parties.

In June, Gautam Adani announced that the group had signed an agreement with the government of Bhutan to construct a 570-megawatt hydro power plant in the Chhukha province. Additionally, the group is evaluating the construction of a 700-megawatt project at Chamkarchu in Bhutan, where work can commence immediately due to the necessary approvals being in place, according to two of the four sources.