Welspun To Infuse Rs 13,500cr For Boosting RE Energy In Odisha

Welspun To Infuse Rs 13,500cr For Boosting RE Energy In Odisha

Renewable energy company Welspun New Energy has now planned to infuse around Rs 13,500 crore in Odisha for boosting renewable energy projects in the coastal state. The company has planned to boost the growth of Pumped Hydro Storage (PHP) projects and floating solar projects in the state. The company recently signed a Memorandum of Understanding (MoU) with the Odisha government in this regard.

“We are delighted to share that Welspun New Energy has signed a Rs. 13,500 crore MoU with the Odisha government at the Make in Odisha Conclave 2025, aimed at advancing Odisha’s Green Energy vision,” a statement from the company said. The Odisha government recently organised Make in Odisha conclave to attract investments in several sectors including renewable energy.

As part of the MoU, Welspun New Energy has committed investments of ₹13,500 crore for developing a 1200 MW #PumpedHydro project and a 1000 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.

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 ₹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.”

This comes at a time when other companies are also planned to invest in the state. For example-Avaada Group signed a ₹20,700 crore Memorandum of Understanding (MoU) with the Government of Odisha for boosting renewable projects in the state at the conclave. This included its plan to develop 1500 MW of floating solar projects, two 1,000 MW Pumped Storage Projects (PSP) and other green energy equipment manufacturing units.