Welspun New Energy Boosts Odisha's Green Energy with Multi-Crore Projects

Welspun New Energy has inked a Rs 13,500 crore MoU with the Odisha government to develop a 1,200 MW pumped hydro and 1,000 MW floating solar project. These projects, integral to India's renewable energy goals, will enhance Odisha's energy capacity and foster regional socio-economic growth.

Welspun New Energy, a division dedicated to green infrastructure within Welspun World, has formalized a significant ₹13,500 crore Memorandum of Understanding with the government of Odisha for groundbreaking initiatives in the state. The agreement was sealed during the Make in Odisha Conclave 2025, with Chief Minister Mohan Charan Majhi present.

The partnership involves substantial investments from Welspun New Energy to bring forth a 1,200 MW pumped hydroelectric project and a 1,000 MW floating solar energy project. Aimed at bolstering the state's energy storage capabilities, these projects also facilitate the seamless integration of renewable energy into the existing power grid.

This collaboration holds vital strategic importance as India is committed to achieving a renewable energy capacity of 500 GW by 2030. It is equally significant for Odisha, aligning with the state's 'Viksit Odisha 2036' vision to lead as a green energy powerhouse. Kapil Maheshwari of Welspun highlights these projects' role in boosting energy security while creating jobs and driving socio-economic development. He stressed the importance of reliable energy alternatives like pumped storage in managing the inherent variability of renewable sources.

Welspun New Energy is determined to establish 5 GW of renewable energy and produce 2 million tonnes per year of green derivatives by 2030. At the 2021 COP26 summit, India's ambitious climate pledge, 'Panchamrit,' included achieving 500 GW of non-fossil fuel electricity, halving energy sourced from renewable projects, and substantially lowering emissions by the decade's close. India's overall aim to cut GDP emissions intensity by 45% and achieve net-zero by 2070 underscores the global shift toward climate-focused energy solutions.