Welspun New Energy signs Rs 13,500-cr MoU with Odisha to establish pumped storage and floating solar projects

Welspun New Energy, the green energy infrastructure arm of Welspun World, has signed a Rs 13,500-crore Memorandum of Understanding (MoU) with Government of Odisha, in presence of in the presence of Chief Minister Mohan Charan Majhi, at the Make in Odisha Conclave 2025.

As part of the MoU, Welspun New Energy has committed investments of Rs 13,500 crore for developing a 1,200 MW pumped hydro project and a 1,000 MW floating solar power project in Odisha. These projects are expected to enhance the state’s energy storage capacity and support the integration of renewable energy into the grid.

The MoU holds strategic significance as India pursues its ambitious target of achieving 500 GW of renewable energy capacity by 2030. It also aligns with Odisha’s commitment to industrial transformation and its vision to emerge as a premier green energy hub as part of its ‘Viksit Odisha 2036’ ambition. Strengthening the shift towards a more sustainable and cost-effective energy ecosystem, Welspun New Energy’s collaboration with Odisha will further propel this vision, reinforcing its commitment to advancing India’s clean energy landscape.

Kapil Maheshwari, Executive Director & CEO, Welspun New Energy, said, "We are delighted to partner with the Government of Odisha in advancing their renewable energy goals. These projects, backed by our Rs 13,500 crore investment in green technologies, mark a key milestone in our mission to accelerate renewable energy adoption in the state, highlighting our unwavering commitment to innovation and sustainability. By leveraging pumped storage and floating solar power, we are not only strengthening Odisha’s energy security, but also creating employment opportunities and driving socio-economic growth in the region.”

Pumped storage utilizes the height difference between the upper and lower reservoirs to store energy with excess wind solar generation and generate electricity during low renewable generation hours. They are seen as critical to this transition, providing a dependable energy backup that can mitigate the variability of wind and solar power.