ReNew Power to invest ₹9,000 crore in Odisha pumped hydro project

ReNew Power has signed a memorandum of understanding with the Odisha government to develop the large-scale energy storage project, marking a significant expansion of the company's presence in the eastern state. The 1,500 MW pumped hydro storage facility will be constructed in Ganjam district, leveraging the region's geographical characteristics to support India's renewable energy infrastructure.

The project represents a strategic component of ReNew Power's ₹45,000 crore investment roadmap, which aims to strengthen energy storage capacity across the country. Pumped hydro storage systems play a critical role in stabilizing power grids by storing energy during periods of low demand and releasing it during peak consumption hours, making them essential as India increases its renewable energy capacity.

Odisha has emerged as a focal point for renewable energy development, combining abundant natural resources with government support for clean energy initiatives. The state government's collaboration with ReNew Power underscores efforts to position Odisha as a hub for sustainable energy projects and attract major private sector investment in the green energy sector.

The investment aligns with India's broader targets to expand renewable energy capacity and develop supporting infrastructure. Energy storage projects like pumped hydro facilities are increasingly vital to India's energy security strategy as the country transitions toward higher penetration of solar and wind power generation.