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Welspun New Energy, the green energy arm of Welspun World, has signed a ?13,500 crore Memorandum of Understanding (MoU) with the Odisha government to develop large-scale renewable energy projects in the state. The agreement was finalized at the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi. The investment will fund a 1,200 MW Pumped Hydro Storage project and a 1,000 MW Floating Solar Power project, boosting Odisha’s energy storage capacity and renewable energy integration. The pumped storage system will leverage natural elevation differences to store excess solar and wind energy, ensuring stability during low generation periods. The initiative aligns with Indias goal of reaching 500 GW of renewable energy capacity by 2030 and supports Odisha’s ‘Viksit Odisha 2036’ vision to establish the state as a green energy hub. Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, highlighted the projects role in strengthening Odisha’s energy security and creating job opportunities. The company, formerly known as Welspun Energy, had an operational capacity of 1.1 GW in 2016 and now aims to scale up to 5 GW of renewable energy and 2 MTPA of green derivatives capacity by 2030. |
