ReNew to invest ₹9,000 crore in Odisha pumped hydro project
The renewable energy firm signed a memorandum of understanding with the state government to develop a 1,500 MW storage facility 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. The project, located at Putabali in Ganjam district, involves an estimated investment of ₹9,000 crore, according to Business Standard.
The agreement 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 ₹45,000 crore investment plan by ReNew in the state.
The project aims to increase energy storage capacity in Odisha and assist in adding renewable energy to the state power grid. ReNew stated the project would help Odisha become a major hub for clean energy investment by using the state's natural resources and policy framework.
ReNew founder, chairman and chief executive officer (CEO) Sumant Sinha said the company is focused on creating an integrated clean energy platform. He noted that the 1,500 MW project is a significant step toward combining renewable generation with the infrastructure required for reliable, round-the-clock clean power.