ReNew to invest ₹9,000 crore in Odisha pumped hydro project
The renewable energy company signed an agreement 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. The facility will be located at Putabali in Ganjam district and requires 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 and Deputy Chief Minister Kanak Vardhan Singh Deo. This project is part of a larger ₹45,000 crore investment plan by ReNew in the state.
ReNew stated that the project aims to bolster the state's ability to store energy and assist in incorporating renewable power into the local electricity grid. The company noted that the initiative leverages Odisha's policy framework and natural resources to help the state become a major hub for clean energy.
Sumant Sinha, founder, chairman and chief executive officer (CEO) of ReNew, said the company is building a clean energy platform that links renewable generation with the infrastructure needed for reliable, round-the-clock power. He described the 1,500 MW project as a significant step toward that goal.
The company mentioned that its increasing investment in Odisha shows a long-term commitment to developing clean energy infrastructure and aiding the state's economic and social growth. The announcement did not provide specific timelines for construction or commissioning of the facility.