Welspun New Energy commits Rs 13,500 crore worth projects in Odisha
Welspun New Energy Partners with Odisha for Major Green Energy Projects
Welspun New Energy, part of Welspun World, has signed a significant Memorandum of Understanding (MoU) with the Odisha government, valued at Rs 13,500 crore. This agreement was formalized at the Make in Odisha Conclave 2025, attended by Chief Minister Mohan Charan Majhi.
The MoU outlines plans for a 1,200 MW pumped hydro project and a 1,000 MW floating solar power project in Odisha. These initiatives aim to boost the state's energy storage and integrate renewable energy into the grid, aligning with India's goal of 500 GW renewable energy capacity by 2030.
Odisha aims to become a leading green energy hub as part of its 'Viksit Odisha 2036' vision. Kapil Maheshwari, Executive Director and CEO of Welspun New Energy, highlighted the projects' potential to enhance energy security, create jobs, and drive socio-economic growth.
Pumped storage systems use height differences between reservoirs to store energy and generate electricity during low renewable generation periods, providing a reliable energy backup. Welspun New Energy plans to establish 5 GW of renewable energy and 2 million tonnes per annum of green derivatives by 2030.
India's commitment to green energy was emphasized at COP26 in 2021, with goals including 500 GW of non-fossil electricity capacity and net-zero emissions by 2070. Green energy is a global focus for climate mitigation.
Doubts Revealed
Welspun New Energy
Welspun New Energy is a company that focuses on creating energy from renewable sources like the sun and water, instead of using coal or oil.
Odisha
Odisha is a state in eastern India, known for its rich culture, temples, and natural resources.
MoU
MoU stands for Memorandum of Understanding, which is an agreement between two parties to work together on a project.
Pumped hydro
Pumped hydro is a way to store energy by using water. It involves moving water to a higher place when there's extra energy and letting it flow back down to create electricity when needed.
Floating solar power
Floating solar power involves placing solar panels on water bodies like lakes or reservoirs to generate electricity from sunlight.
5 GW
5 GW, or gigawatts, is a measure of power. It's a large amount of energy, enough to power millions of homes.
2 MTPA
2 MTPA stands for 2 million tonnes per annum, which is a measure of how much green derivatives, like eco-friendly chemicals, Welspun aims to produce each year.
COP26
COP26 was a big meeting where countries around the world discussed how to tackle climate change and reduce pollution.
500 GW non-fossil capacity
500 GW non-fossil capacity means India aims to produce 500 gigawatts of energy from sources that don't use fossil fuels like coal or oil, such as solar or wind power.
Net-zero by 2070
Net-zero by 2070 means India plans to balance the amount of greenhouse gases it emits with the amount it removes from the atmosphere by the year 2070.
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