ReNew to invest Rs 9,000 crore in Odisha pumped hydro project
The renewable energy company signed an MoU to develop a 1,500 MW storage facility at Putabali in Ganjam district.
Renewable energy major ReNew signed a memorandum of understanding (MoU) with the Odisha government on Tuesday to establish a 1,500 MW pumped hydro storage project in Putabali, Ganjam district. According to The New Indian Express, the project involves an estimated investment of Rs 9,000 crore.
The agreement was signed during the Bharat Renewable Energy Summit in the presence of Chief Minister Mohan Charan Majhi and Deputy Chief Minister Kanak Vardhan Singh Deo. This initiative is part of a larger investment plan by ReNew in the state, which totals approximately Rs 45,000 crore.
ReNew founder chairman and CEO Sumant Sinha stated that the company aims to create a unified clean energy system by linking renewable production with the necessary storage and infrastructure. He noted that such storage is becoming vital for India's transition to clean energy.
Sinha added that the growing investment in Odisha shows the company's long-term dedication to developing clean energy infrastructure and supporting the state's social and economic growth.
The company said the project would help strengthen the energy storage capacity of Odisha and assist in integrating renewable energy into the state's power grid. The announcement did not provide specific details regarding construction timelines or the distribution of the wider Rs 45,000 crore investment plan.