- India secured renewable energy investment commitments worth about USD 7.4 billion to develop 6.8GW of capacity at the Odisha Renewable Energy Investor Conclave.
- The agreements span solar, wind, hybrid systems, storage, pumped hydro and green hydrogen-linked projects.
Odisha has secured renewable energy investment commitments worth INR 670,000 million (USD 7.4 billion). Officials announced the deals on the opening day of the third Odisha Renewable Energy Investor Conclave. The commitments will support the development of about 6.8 gigawatts of renewable capacity.
The agreements cover solar and wind projects, as well as hybrid and storage-backed systems. The investments support Odisha’s strategy to strengthen its position in India’s fast-growing renewable energy sector.
During the event, Deputy Chief Minister and Energy Minister KV Singh Deo inaugurated the conclave. Odisha’s power trading company, GRIDCO, signed memoranda of understanding with ABC Cleantech Private Limited and Axis Energy Ventures India Private Limited. The agreements cover 5,000 MW of planned renewable capacity. The projects carry an estimated investment value of INR 477,500 million (USD 5.3 billion).
In addition, developers proposed several advanced clean energy technologies. These include agro-voltaic systems and hybrid wind–solar plants integrated with battery energy storage systems. Some proposals also link renewable generation to green hydrogen production and related derivatives.
Meanwhile, energy storage projects formed a key part of the investment pipeline. GRIDCO signed an agreement with National Hydroelectric Power Corporation to develop the 1,000 MW Masintha pumped storage project. The project will require about INR 60,360 million (USD 670 million) in investment.
Similarly, GRIDCO signed another agreement with North Eastern Electric Power Corporation Limited. The agreement covers the 800 MW Dandadhar pumped storage project. Developers expect the project to attract about INR 40,000 million (USD 444 million) in funding.
Bharat Petroleum Corporation Limited committed to a 500 MW renewable project with GRIDCO. The project represents an additional investment of about INR 30,000 million (USD 333 million).
Beyond formal agreements, officials confirmed strong investor interest. Private developers expressed preliminary interest in projects worth more than INR 60,000 million (USD 667 million) during the first day of the event.
Singh Deo said Odisha continues to strengthen its position in India’s renewable energy sector. He said the state contributes to India’s national goal of reaching 500 GW of non-fossil fuel capacity by 2030.
The conclave also launched Odisha’s first dedicated wind resource assessment programme. The programme will evaluate the state’s wind generation potential. In addition, officials launched a city accelerator programme across six urban centres. The initiative supports rooftop solar deployment under the PM Surya Ghar Muft Bijli Yojana.
Singh Deo said Odisha offers strong geographical and regulatory advantages for renewable investment. He also said the coastline provides favourable wind development conditions. He said that solar and small hydro resources also support future expansion. In addition, he described the state’s regulatory environment and project approval systems as investor-friendly.
Additional Chief Secretary Vishal Kumar Dev said fossil fuels currently supply about 54 per cent of Odisha’s energy. Renewables contribute about 46 per cent. The state plans to increase renewable capacity to about 11 GW by 2030.
Over the longer term, Odisha plans to source about 74 per cent of its total energy needs from renewables by 2047.
GRIDCO Managing Director Satyapriya Rath said the agency expects to attract proposals covering nearly 10 GW during the conclave. He said GRIDCO’s Renewable Energy Nodal Agency Cell oversees project delivery from planning to commissioning. He added that the agency ensures transparent procurement, reliable power offtake and timely tendering processes.
The scale and diversity of commitments highlight Odisha’s growing importance in India’s renewable energy investment landscape. Both public and private sector players continue to position themselves to support the state’s transition to a lower-carbon energy system.