Welspun New Energy Signs ₹13,500 Crore Green Energy Deal to Boost Odisha’s Renewable Future
India’s renewable energy capacity, Welspun New Energy, the green energy arm of Welspun World, has secured a ₹13,500 crore Memorandum of Understanding (MoU) with the Odisha government. The deal, which was finalised at the Make in Odisha Conclave 2025, will see the development of large-scale renewable energy projects within the state.
This monumental agreement, signed in the presence of Chief Minister Mohan Charan Majhi, is set to elevate Odisha’s renewable energy landscape. The deal includes the establishment of two key energy projects: a 1,200 MW Pumped Hydro Storage project and a 1,000 MW Floating Solar Power project. Together, these initiatives will enhance Odisha’s energy storage capacity and facilitate better integration of renewable energy sources like wind and solar into the grid.
The ₹13,500 crore investment will play a pivotal role in supporting India’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030. The pumped hydro storage system is designed to store excess solar and wind energy by utilising natural elevation differences, which can then be released to stabilise the grid during low generation periods. This technology is vital for balancing the intermittent nature of renewable energy sources, ensuring a consistent and reliable power supply for the region. The floating solar power project is also a significant addition to Odisha’s energy mix. This innovative solar energy solution, which utilises bodies of water for energy generation, is expected to offer a sustainable and space-efficient method of producing electricity.
Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, emphasised the importance of these projects not just for energy security but also for creating employment opportunities in Odisha. “These projects will strengthen Odisha’s energy security, provide clean power to the grid, and also generate a significant number of jobs, both directly and indirectly, during construction and operation,” Maheshwari said. Welspun New Energy, which was previously known as Welspun Energy, has made impressive strides in the renewable energy sector. The company had an operational capacity of 1.1 GW in 2016, but its plans for growth are ambitious. By 2030, Welspun aims to scale up its capacity to 5 GW of renewable energy and 2 million tonnes per annum (MTPA) of green derivatives capacity. This expansion aligns with India’s broader efforts to reduce carbon emissions and transition towards cleaner energy sources.
The collaboration also aligns with Odisha’s “Viksit Odisha 2036” vision, which seeks to establish the state as a hub for green energy. Through projects like the pumped hydro storage and floating solar power, Odisha is not only enhancing its renewable energy capacity but also positioning itself as a key player in India’s green energy transition. This move underscores the state’s commitment to sustainability and its determination to lead by example in the pursuit of a cleaner, greener future. The state’s focus on renewable energy could also attract more investments in the coming years, contributing to both the local economy and India’s larger environmental goals.
The ₹13,500 crore green energy deal between Welspun New Energy and the Odisha government is a major step forward in India’s renewable energy journey. As the country looks towards 2030 and beyond, projects like these will be instrumental in meeting its energy demands while also tackling climate change. For Odisha, this deal marks a new era in energy development. The combination of innovative technologies, increased energy storage, and expanded solar power capacity will not only provide cleaner energy but will also foster economic growth and job creation in the region. With these investments, Odisha is well on its way to becoming a green energy powerhouse in India, supporting both the nation’s energy goals and its own long-term sustainability vision.
