MUMBAI: Welspun New Energy, green energy arm of Welspun World, has signed a Rs 13,500 crore pact with Odisha to build pumped storage and floating solar projects, which will generate 2,200 mw of green electricity.
In a statement, the company said on Tuesday that Welspun New Energy will invest Rs 13,500 crore to develop 11,200 mw pumped hydro project and a 1,000 mw floating solar power project in the state. These projects are likely to enhance the state’s energy storage capacity and support the integration of renewable energy into the grid. It announced ongoing make in Odisha conclave in Bhubaneshwar.
Kapil Maheshwari, the chief executive of Welspun New Energy, said the committed Rs 13,500 crore investment in green mark a key milestone in the state’s mission to accelerate renewable energy adoption and highlights his company’s commitment to innovation and sustainability.
Pumped storage utilises the height difference between the upper and lower reservoirs to store energy with excess wind solar generation and generate electricity during low renewable generation hours.