On February 12, 2025, Welspun New Energy, the renewable energy division of Welspun Group, announced a memorandum of understanding (MOU) with the Odisha Government to invest Rs135 billion ($1.5 billion) in green energy projects in the Indian region.
The MOU outlines plans for a 1,200MW pumped hydro project and a 1,000MW floating solar power project. These projects are expected to enhance Odisha's energy storage capabilities and facilitate the integration of renewable sources into the power grid.
Welspun New Energy aims to establish 5GW of renewable energy and two million tonnes per annum of green derivatives capacity by 2030.