ReNew Signs MoU for 1.5 GW Pumped Storage Project in Odisha

ReNew signs a ₹9,000 crore MoU with Odisha to develop a 1,500 MW pumped hydro storage facility in Ganjam, supporting renewable energy integration and grid stability.

Renewable energy company ReNew has signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop a 1,500-megawatt (MW) pumped hydro storage project at Putabali in Ganjam district, involving an estimated investment of ₹9,000 crore. The project is expected to strengthen the state’s energy storage infrastructure and support the integration of renewable energy into its electricity grid.

During the Bharat Renewable Energy Summit and Expo 2026 in New Delhi, in the presence of Odisha Chief Minister Mohan Charan Majhi. The proposed facility forms part of ReNew’s broader investment plans in Odisha, which are expected to total approximately ₹45,000 crore.

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The project is intended to support the state’s transition towards a cleaner and more reliable electricity system. Pumped hydro storage is a technology that uses surplus electricity to pump water from a lower reservoir to an upper reservoir. When electricity demand rises, the stored water is released through turbines to generate power. This allows electricity to be stored and supplied when renewable generation from sources such as solar and wind is insufficient or demand is high.

The proposed 1,500 MW facility is expected to improve grid flexibility and stability while enabling greater use of renewable energy. As the share of variable renewable sources increases, energy storage infrastructure is becoming important for balancing electricity supply and demand. The project is also expected to contribute to the resilience of Odisha’s power system and support the availability of cleaner electricity.

Commenting on the agreement, Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew, said energy storage was becoming increasingly important to India’s clean energy transition. He highlighted the company’s focus on developing an integrated clean energy platform that combines renewable generation, storage and supporting infrastructure to deliver reliable, round-the-clock clean power. He also said the company’s investments in Odisha reflected its long-term commitment to clean energy infrastructure and the state’s economic and social development.

The agreement comes as Odisha steps up efforts to attract investment across renewable energy and emerging clean technology sectors. At the same summit, the state secured prospective investment proposals worth approximately ₹1.17 lakh crore through 18 MoUs, covering projects with a proposed capacity addition of around 11,742 MW. These proposals span pumped storage, solar, wind, hybrid renewable energy, battery storage, green hydrogen and green data centres.

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ReNew also undertakes community development initiatives in Odisha, focusing on education, essential services, sustainable livelihoods and climate resilience. Its proposed investment in the pumped hydro facility adds to the state’s efforts to build a broader clean energy ecosystem and attract private-sector participation in power infrastructure.