ReNew to invest ₹9,000 crore in Odisha pumped hydro project
The 1,500 MW storage facility at Putabali is part of a larger ₹45,000 crore investment plan by the renewable energy firm.
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 with an estimated investment of ₹9,000 crore.
The agreement was signed at the Bharat Renewable Energy Summit in the presence of Odisha Chief Minister Mohan Charan Majhi. This facility is part of a broader ₹45,000 crore investment strategy by ReNew within the state.
ReNew stated that the project aims to bolster the energy storage capacity of Odisha and assist in incorporating renewable energy into the state power grid. The company noted that the initiative would help Odisha become a primary destination for clean energy investment by using the state's natural resources and policy framework.
Sumant Sinha, founder, chairman and chief executive officer (CEO) of ReNew, said the company is focused on creating an integrated clean energy platform. He described the proposed 1,500 MW project as a significant step toward delivering reliable, round-the-clock clean power through combined generation and storage.
The announcement did not provide specific details regarding construction schedules, commissioning dates, or land requirements. The company also did not specify how the wider ₹45,000 crore investment would be distributed across various projects.