In a significant move towards accelerating India’s renewable energy transition, Welspun New Energy has signed a Memorandum of Understanding (MoU) with the Government of Odisha, committing an investment of ₹13,500 crore for the development of two large-scale clean energy projects.
The MoU was formalized at the Make in Odisha Conclave 2025, in the presence of Odisha Chief Minister Mohan Charan Majhi. The projects under this agreement include a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power project, aimed at enhancing the state’s energy storage infrastructure and ensuring a stable supply of renewable energy.
Strategic Importance of the Initiative
This collaboration aligns with India’s ambitious 500 GW renewable energy target by 2030, reinforcing Odisha‘s role in supporting the country’s clean energy transition. Additionally, the initiative supports Odisha’s broader ‘Viksit Odisha 2036’ vision, positioning the state as a hub for green energy investment and industrial transformation.
Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, emphasized the company’s commitment to sustainable development, stating:
“By leveraging pumped storage and floating solar power, we are not only strengthening Odisha’s energy security but also fostering employment generation and socio-economic growth in the region. These projects mark a milestone in our mission to accelerate renewable energy adoption and reinforce our commitment to innovation and sustainability.”
Key Technological Advancements
- Pumped Hydro Storage: This technology utilizes the height difference between reservoirs to store energy, providing a reliable backup that stabilizes fluctuations in wind and solar power generation.
- Floating Solar Power: A pioneering approach that utilizes water bodies for solar installations, optimizing land use while generating clean energy efficiently.
Broader Renewable Energy Vision
Welspun New Energy aims to develop 5 GW of renewable energy capacity and establish 2 million tonnes per annum (MTPA) of green derivatives (ammonia/methanol) production by 2030. This investment aligns with India’s COP26 commitments, including reducing carbon emissions, increasing non-fossil fuel-based energy production, and achieving net-zero emissions by 2070.
The Odisha government’s collaboration with Welspun New Energy highlights its proactive approach towards sustainable development, making it a pivotal player in India’s clean energy transformation.