Welspun New Energy has entered into an agreement with the Government of Odisha to invest Rs 135 billion in developing two large-scale renewable energy projects. The Memorandum of Understanding (MoU) was formalised during the Make in Odisha Conclave 2025, with the presence of Odisha Chief Minister Mohan Charan Majhi. This initiative involves the establishment of a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power project, aiming to enhance energy storage capabilities and ensure a stable supply of clean energy in the state. This investment is part of India’s broader strategy to achieve 500 GW of renewable energy capacity by 2030, reinforcing Odisha’s role in the country’s energy transition. The initiative also aligns with the ‘Viksit Odisha 2036’ vision, positioning the state as a key destination for green energy investments and industrial growth. The pumped hydro storage project will enhance grid stability by utilizing reservoirs at different elevations to store and release energy as needed, effectively balancing fluctuations in solar and wind power generation. Meanwhile, the floating solar power project will maximize the use of water bodies for energy production, reducing land dependency and increasing efficiency in renewable energy generation. Welspun New Energy has outlined a long-term vision to develop 5 GW of renewable energy capacity and establish a green derivatives production facility with an annual capacity of 2 million tonnes by 2030. These efforts align with India’s commitments under COP26, which include reducing carbon emissions, increasing non-fossil fuel energy use, and achieving net-zero emissions by 2070. The Odisha government’s partnership with Welspun New Energy underscores its commitment to sustainable development, positioning the state as a leader in India’s clean energy transformation. News source: E gov