Axis Energy Ventures India Pvt Ltd, in partnership with Evren, has signed a memorandum of understanding with GRIDCO Limited on behalf of the Energy Department of the Odisha government to develop up to 5,000 megawatt (MW) of renewable energy capacity alongside green hydrogen production facilities. The companies plan an investment of Rs 47,750 crore, equivalent to Rs 477,500 million (mn) or Rs 477.5 billion (bn), to be deployed over the next decade. The initiative is intended to reinforce Odisha as a clean energy hub in eastern India. The companies expect phased commissioning to align capacity additions with demand and grid readiness.

The project will concentrate on large scale renewable power generation and integration of energy storage solutions to strengthen grid stability. Officials indicated that the scheme will support industrial decarbonisation and accelerate adoption of green hydrogen for hard to abate sectors. The development is aligned with the Odisha Renewable Energy Policy 2022 and India’s long term sustainability and energy transition goals. Stakeholders will explore storage and transmission linkages to accommodate intermittent generation.

The investment is expected to create nearly 15,000 direct and indirect employment opportunities during construction and operation phases. Plans include a mix of solar, wind and hybrid configurations and provision for battery storage and electrolyser capacity to produce green hydrogen using renewable electricity. Developers will work with state authorities to ensure land allocation, grid evacuation and regulatory approvals are progressed. Local supply chain development and workforce training are to be prioritised.

Stakeholders said the collaboration marks a significant step towards expanding the state’s renewable infrastructure and building supply chains for hydrogen and storage technologies. The memorandum of understanding signals intent rather than final agreements and subsequent project level approvals and financing arrangements are required before construction begins. The partnership is presented as part of wider efforts to attract large scale clean energy investment to the region.