New Delhi [India], February 4 : Welspun New Energy, the green energy infrastructure arm of Welspun World, has signed a Rs 13,500 crore Memorandum of Understanding (MoU) with Odisha government for projects in the eastern state.
The MoU was signed at the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi, according to a statement from the company on Tuesday.
As part of the MoU, Welspun New Energy has committed investments 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.
Kapil Maheshwari, Executive Director and CEO of Welspun New Energy in the company statement said, "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.
Welspun New Energy ambitions to establish 5 GW of renewable energy and 2 million tonne per annum (MTPA) of green derivatives (ammonia/methanol) capacity by 2030.
At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum.