The Business Bytes
THEBUSINESSBYTES BUREAU
BHUBANESWAR, FEBRUARY 4, 2025
Welspun New Energy has entered into a significant agreement with the Odisha government to invest Rs 13,500 crore in the development of two large-scale clean energy projects in the state. This landmark investment aims to bolster Odisha’s renewable energy capacity and contribute to India’s ambitious green energy goals.
Under the agreement, Welspun New Energy will establish a 1,200 MW pumped hydro storage project and a 1,000 MW floating solar power project in Odisha. These projects are expected to enhance the state’s energy storage capabilities, facilitate the seamless integration of renewable energy into the grid, and support India’s target of achieving 500 GW of renewable energy capacity by 2030.
Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, emphasized the transformative impact of the initiative. “The projects, backed by our Rs 13,500 crore investment in green technologies, mark a key milestone in our mission to accelerate renewable energy adoption in the state, highlighting our unwavering commitment to innovation and sustainability,” he stated.
Welspun World, the parent company of Welspun New Energy, is a diversified conglomerate with a strong presence across various sectors, including steel, renewables, line pipes, oil and gas, and infrastructure. The company’s commitment to clean energy aligns with India’s broader sustainability objectives and reinforces Odisha’s position as a hub for green energy development.
