Welspun New Energy has partnered with the Government of Odisha to invest Rs 135 billion in two large-scale renewable energy projects. The Memorandum of Understanding (MoU) was signed during the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi. The initiative includes a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power plant, both aimed at enhancing Odisha’s energy security and boosting clean energy adoption.
The pumped hydro storage project will stabilize the grid by leveraging reservoir-based energy storage, balancing fluctuations in solar and wind power generation. Meanwhile, the floating solar power project will optimize water bodies for electricity generation, minimizing land usage and increasing efficiency. These developments align with India’s national target of achieving 500 GW of renewable energy capacity by 2030 and Odisha’s ‘Viksit Odisha 2036’ vision, which focuses on sustainable industrial growth.
Welspun New Energy has outlined a long-term strategy to develop 5 GW of renewable energy capacity in Odisha and establish a green derivatives production facility with an annual capacity of 2 million tonnes by 2030. These efforts support India’s COP26 commitments to reduce carbon emissions, increase reliance on non-fossil fuel energy sources, and achieve net-zero emissions by 2070. Odisha’s collaboration with Welspun underscores the state’s commitment to becoming a hub for green energy investments and industrial expansion.
