Navigating Internationalization in Energy Transition: Opportunities, Challenges, and Critical Success Factors for Power Generation Companies ( <scp>GENCOs</scp> )

ABSTRACT The energy transition driven by UN SDG Goals and net zero targets has compelled energy companies to expand into international markets, prompting international business scholars to scrutinize related issues. Following such realization, this study employs a qualitative inductive approach to explore opportunities, challenges, and critical success factors in international business consulting for power generation companies (GENCOs). Data was gathered through semi‐structured interviews with senior managers from the international business division of Indian power generation companies. After data analysis, the identified themes along the lines of the research question are as follows: opportunities (expertise, emerging areas, and geography), challenges (international market dynamics, partnership complexities, expertise and resource limitations, decision‐making processes, and operational hurdles), and critical success factors (strategic market entry, local presence and partnerships, operational efficiency, documentation management, proactive marketing, expertise, and resource development). The study discusses both practical and theoretical implications of derived findings.