Welspun New Energy to Invest Rs. 13,500 Cr. in Odisha

Welspun‘s subsidiary, Welspun New Energy, will be investing Rs. 13,500 crore for developing floating solar project and Pumped Hydro Power Storage project in Odisha. The company has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the development of these projects.

As a part of this MoU, the company will develop 1,200 MW of Pumped Hydro Storage project in Odisha. Welspun New Energy will also be responsible for developing a 1,000 MW of floating solar project in the state. Commenting on this development, Mr. Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, 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 socio-economic growth in the region”.

As per a report by Central Electricity Authority, India will require 60.63 GW of energy storage capacity by 2030. The report further mentioned that this requirement will likely be fulfilled by installing about 18.98 GW of Pumped Storage capacity and about 41.65 GW of Battery Energy Storage System (BESS) capacity. As of August 2024, India’s installed Pumped Hydro Strorage capacity stood at 4.7 GW.