Welspun New Energy, the green energy infrastructure arm of Welspun World, has signed a Memorandum of Understanding (MoU) with the Government of Odisha to establish pumped storage and floating solar projects in Odisha. The MoU was signed 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 an investment of INR 13,500 crore for developing a 1.2 GW pumped hydro storage project and a 1 GW floating solar power project in Odisha.
Kapil Maheshwari, executive director & CEO, Welspun New Energy, said, ” These projects, backed by our INR 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 energy transition, providing a dependable energy backup that can mitigate the variability of wind and solar power.
Welspun New Energy aims to establish 5 GW of renewable energy and 2 mtpa of green derivatives (ammonia/methanol) capacity by 2030.
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