Welspun New Energy has signed a pact with the Odisha government to invest ₹13,500 crore ($1.5 billion) in developing two clean energy projects in the state.
The company’s parent firm, Welspun World, said in a statement that it will use the investment to develop a 1,200-megawatt pumped hydro project and a 1,000 MW floating solar power project in Odisha.
The statement added that these projects are expected to enhance the state’s energy storage capacity, support the integration of renewable energy into the grid, and contribute to India’s overall target of achieving 500 gigawatts of renewable energy capacity by 2030.
The pumped storage system will utilize height differences between reservoirs to store excess wind and solar energy, providing backup during low renewable generation periods.
The agreement was signed at the Make in Odisha Conclave 2025 in the presence of Chief Minister Mohan Charan Majhi.
“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,” said Kapil Maheshwari, executive director and CEO of Welspun New Energy, in the statement.
The company aims to establish 5 GW of renewable energy and 2 million tonnes per annum of green derivatives capacity by 2030.
Last September, the company signed a memorandum of understanding with the Maharashtra government to develop a 1.2 GW pumped hydroelectric storage project.
The “Dhamni Pumped Hydro project” project would come with an investment of approximately ₹5,000 crore.
The 1.2 GW pumped hydro project shall be constructed in the Pune and Raigad districts over the next 6-7 years.
Welspun World is a conglomerate with a dominant presence in sectors such as steel, renewables, line pipes, oil and gas and infrastructure.
