Pumped storage systems utilise the height difference between two water reservoirs to store and generate electricity. Credit: Evgenii Bakhchev / Shutterstock.

Welspun New Energy, the renewable energy division of Welspun Group, has signed a memorandum of understanding (MOU) with the Odisha Government to invest Rs135bn ($1.5bn) in green energy projects in the Indian region, reported ANI.  

This investment aligns with India’s goals to expand its renewable energy capacity and supports Odisha’s vision to become a leading green energy hub. 

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Signed at the Make in Odisha Conclave 2025, the MOU outlines plans for a 1,200MW pumped hydro project and a 1,000MW floating solar power project.  

These initiatives are expected to enhance Odisha’s energy storage capabilities and facilitate the integration of renewable sources into the power grid.

Welspun New Energy executive director and CEO Kapil Maheshwari said: “By leveraging pumped storage and floating solar power, we are not only strengthening Odisha’s energy security but also creating employment opportunities and driving social economic growth in the region.”

The agreement is also significant as India strives to reach a 500GW renewable energy capacity by 2030.  

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It complements Odisha’s industrial transformation goals and its ‘Viksit Odisha 2036’ ambition. 

Welspun New Energy aims to establish 5GW of renewable energy and two million tonnes per annum of green derivatives capacity by 2030. 

At COP26 in 2021, India announced its ‘Panchamrit’ pledge, which includes achieving 500GW of non-fossil electricity capacity, meeting half of its energy requirements from renewables, and reducing emissions by one billion tonnes by 2030.  

The country also plans to achieve a 45% reduction in emission intensity of its GDP by 2030 and reach net-zero emissions by 2070.