New Delhi: Welspun New Energy has signed an agreement with the Odisha government to develop two major clean energy projects- a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power project. The company will invest Rs 13,500 crore in these projects, aimed at strengthening Odisha’s renewable energy infrastructure.
Key Projects and Investment Details
The projects will support energy storage and renewable power integration in Odisha, aligning with India’s goal of achieving 500 GW of renewable energy capacity by 2030. According to a statement by Welspun’s parent company, Welspun World, the investment will enhance the state’s energy security and storage capabilities.
Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, stated that the company’s investment in green technology reflects its commitment to advancing renewable energy adoption in Odisha. However, the timeline for project implementation and key regulatory clearances were not disclosed.
Renewable Energy Push in Odisha
Odisha has been increasingly focusing on expanding its clean energy portfolio, with several large-scale renewable projects in the pipeline. The state has also been exploring pumped hydro storage solutions to address energy demand fluctuations and ensure grid stability. The floating solar project, once operational, could contribute significantly to the state’s renewable power generation capacity.
With growing demand for energy storage solutions, pumped hydro projects are gaining popularity as a reliable alternative. Floating solar projects are also becoming a preferred option in water-abundant states like Odisha, where land availability can be a constraint for traditional solar farms.
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