ReNew to invest ₹9,000 crore in Odisha pumped hydro project
The renewable energy company signed a memorandum of understanding to develop a 1,500 MW storage facility at Putabali in Ganjam district.
Renewable energy company ReNew signed a memorandum of understanding (MoU) with the Odisha government on Tuesday to develop a 1,500 megawatt (MW) pumped hydro storage project. According to Business Standard, the project will be located at Putabali in Ganjam district and involves an estimated investment of ₹9,000 crore.
The MoU was signed at the Bharat Renewable Energy Summit in the presence of Odisha Chief Minister Mohan Charan Majhi. This initiative is part of a larger investment plan by ReNew in Odisha, which totals ₹45,000 crore.
The project is expected to strengthen the energy storage capacity of Odisha and assist in integrating renewable energy into the state's power grid. The company stated the project would support the state's ambition to become a leading destination for clean energy investment.
ReNew founder, chairman and chief executive officer (CEO) Sumant Sinha said the company is focused on building an integrated clean energy platform. He said the proposed 1,500 MW project is an important step toward combining renewable generation with the storage and infrastructure needed for reliable, round-the-clock clean power.