India’s Welspun plans 1.2 GW pumped hydro energy storage site in Odisha

The Welspun New Energy arm of Indian textiles-to-steel conglomerate Welspun World has signed an MoU with the government of Odisha to establish PHES and floating solar in the state. The agreement was signed in the presence of Odisha’s chief minister, Mohan Charan Majhi, at the Make in Odisha Conclave 2025 event.

As part of the deal, Welspun has committed INR 135 billion crore for a 1.2 GW PHES project and a 1 GW floating solar site.

Kapil Maheshwari, executive director and CEO of Welspun New Energy, said, “These projects, backed by our INR 13,500 crore [INR 135 billion] investment in green technologies, mark a key milestone in our mission to accelerate renewable energy adoption in the state, highlighting our unwavering commitment to innovation and sustainability. By leveraging pumped storage and floating solar power, we are not only strengthening Odisha’s energy security but also creating employment opportunities and driving socioeconomic growth in the region.”

PHES uses excess clean power to pump water from a reservoir to a higher body of water during times of low demand, discharging the water back downhill to generate electricity when it is needed by the grid. PHES is seen as critical to the energy transition, providing a dependable energy backup that can mitigate the variable availability of wind and solar power.

Welspun New Energy aims to establish 5 GW of renewable energy projects and to develop 2 million tons of annual green ammonia and methanol production capacity by 2030.

From pv magazine India.