Ayush Kumar Jaiswal
Welspun New Energy, the green energy infrastructure division of Welspun World, has entered into a Memorandum of Understanding (MoU) with the Odisha government, committing investments worth Rs 13,500 crore for renewable energy projects in the state. The agreement was signed during the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi, as announced in a company statement on Tuesday.
Under the MoU, Welspun New Energy will develop two major projects in Odisha: a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power project. These initiatives are poised to significantly boost the state’s energy storage capabilities and facilitate the integration of renewable energy into the power grid.
This collaboration holds strategic importance as India advances toward its ambitious goal of achieving 500 GW of renewable energy capacity by 2030. It also aligns with Odisha’s broader vision of industrial transformation and its aspiration to become a leading green energy hub under the ‘Viksit Odisha 2036’ initiative.
Kapil Maheshwari, Executive Director and CEO of Welspun New Energy, emphasized the dual benefits of the projects in the company statement: “By harnessing pumped storage and floating solar power, we are not only enhancing Odisha’s energy security but also generating employment opportunities and fostering socio-economic growth in the region.”
Pumped storage technology, which utilizes the height difference between two reservoirs to store and generate electricity, is considered a critical solution for addressing the intermittency of renewable energy sources like wind and solar. It provides a reliable backup, ensuring a stable energy supply during periods of low renewable generation.
Welspun New Energy has set ambitious targets for itself, aiming to establish 5 GW of renewable energy capacity and produce 2 million tonnes per annum (MTPA) of green derivatives such as ammonia and methanol by 2030. These efforts are in line with India’s commitments at COP26 in 2021, where the country pledged to achieve 500 GW of non-fossil electricity capacity, meet 50% of its energy requirements from renewables, and reduce emissions by 1 billion tonnes by 2030. Additionally, India aims to cut the emissions intensity of its GDP by 45% and achieve net-zero emissions by 2070.
The global focus on green energy for climate mitigation has gained significant momentum, and Welspun New Energy’s projects in Odisha mark a crucial step in India’s journey toward a sustainable energy future.
