The Odisha government has signed Memorandums of Understanding (MoUs) worth ₹67,000 crore to develop 6.8 GW of renewable energy capacity, marking a major step in the state’s clean energy expansion strategy.
The agreements were executed by GRIDCO, under the state Energy Department, with National Hydroelectric Power Corporation (NHPC), Bharat Petroleum Corporation Ltd (BPCL), North Eastern Electric Power Corporation Ltd (NEEPCO), and a consortium of ABC Cleantech Pvt Ltd and Axis Energy Ventures India Pvt Ltd. The MoUs were formalized during the inauguration of the Odisha Renewable Energy Investor Conclave 2026 in the presence of Deputy Chief Minister K.V. Singh Deo.
As part of the agreements, NHPC will develop a 1,000 MW pumped storage project (PSP), while NEEPCO will establish 800 MW of additional pumped storage capacity. BPCL has proposed a mix of ground-mounted solar, floating solar photovoltaic (PV), and pumped storage projects. Meanwhile, ABC Cleantech and Axis Energy Ventures will jointly develop up to 5,000 MW of clean energy projects.
Speaking at the event, Singh Deo reaffirmed Odisha’s commitment to emerging as a renewable energy leader. He highlighted the state’s strategic coastline advantage for wind energy development, alongside strong solar and small hydro potential. He also emphasized Odisha’s significant storage capabilities and supportive regulatory framework.
Additional Chief Secretary (Energy) Vishal Dev noted that investor-friendly policies, fiscal incentives, and strong fiscal management rankings by NITI Aayog are boosting investor confidence in the state’s renewable energy sector.
The investments are expected to significantly strengthen Odisha’s contribution to India’s 500 GW non-fossil fuel target by 2030.
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