On February 4, 2025, Welspun New Energy, a division of Welspun World, signed a Memorandum of Understanding (MoU) with the Odisha government to develop renewable energy projects in the state. The agreement, worth ₹13,500 crore, was signed at the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi.
The investment will be used to establish a 1,200 MW Pumped Hydro project and a 1,000 MW Floating Solar Power project. These installations aim to enhance Odisha's energy storage capacity and support renewable energy integration into the power grid.
The projects align with India's target of achieving 500 GW of renewable energy capacity by 2030 and Odisha's 'Viksit Odisha 2036' vision to become a green energy hub. The pumped storage system will utilize height differences between reservoirs to store excess wind and solar energy, providing backup during low renewable generation periods.
Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, emphasized that the projects would strengthen Odisha's energy security while creating employment opportunities. The company, which previously operated as Welspun Energy with a 1.1 GW operational capacity in 2016, aims to establish 5 GW of Renewable Energy and 2 MTPA of Green derivatives capacity by 2030.