Odisha Secures ₹67,000 Crore Renewable Energy Commitments at Investor Conclave

Odisha secured investment commitments worth ₹67,000 crore for the development of 6.8 GW of renewable energy capacity, giving a major boost to the state’s clean energy transition. The proposals were received on the first day of the third edition of the Odisha Renewable Energy Investor Conclave 2026.

MoUs Signed for Large Renewable Energy Portfolio

The conclave was inaugurated by Deputy Chief Minister and Energy Minister KV Singh Deo. During the event, state-owned power trading utility GRIDCO signed memoranda of understanding with ABC Cleantech Private Limited and Axis Energy Ventures India Private Limited for the development of renewable energy projects totalling 5,000 MW, involving an investment of ₹47,750 crore.

The proposed investments span wind, agro-voltaic systems, solar power, wind–solar hybrid projects integrated with battery energy storage systems (BESS), as well as green hydrogen and its derivatives.

Pumped Storage Projects and PSU Participation

GRIDCO also signed an MoU with National Hydroelectric Power Corporation for the development of the 1,000 MW Masintha pumped storage project, with an investment of ₹6,036 crore. Another agreement was signed with North Eastern Electric Power Corporation Limited for the development of the 800 MW Dandadhar pumped storage project, involving an investment of ₹4,000 crore.

In addition, Bharat Petroleum Corporation Limited entered into a pact with GRIDCO to develop 500 MW of renewable energy capacity, backed by an investment of ₹3,000 crore.

Officials said the state also received additional private sector investment intents of over ₹6,000 crore on the first day of the two-day conclave.

State’s Renewable Energy Vision

Addressing the conclave, Singh Deo said, “Odisha is emerging as the frontrunner in the renewable energy sector of the country and contributing meaningfully to India’s bold target of achieving 500 GW non-fossil energy by 2030.” 

During the event, the deputy chief minister inaugurated Odisha’s first wind resource assessment project aimed at studying the state’s wind energy potential. He also launched a city accelerator programme covering six cities under the PM Surya Ghar Muft Bijli Yojana.

Highlighting the state’s natural and regulatory advantages, Singh Deo added, “Odisha’s coastline provides the state a distinct advantage to develop wind energy, alongside solar and small hydro. We also have huge storage potential. On the regulatory front, we offer robust policies and favourable approval process. All these make our state an ideal investment destination in the RE sector and this investors’ conclave is expected to push state’s renewable growth further.”

Long-Term Energy Targets and Gridco’s Role

Additional Chief Secretary of the Energy Department, Vishal Kumar Dev, said the state’s current energy mix comprises around 54 percent fossil energy and 46 percent renewable energy. 

“However, we have set a target to generate about 11 GW renewable energy by 2030. By 2047 we are looking to have 74 per cent of our energy coming from the renewable energy sector,” he added.

GRIDCO Managing Director Satyapriya Rath said the state is hopeful of receiving investment intents for nearly 10 GW of renewable energy projects during the conclave. 

“Through the Renewable Energy Nodal Agency (RENA) Cell, Gridco is facilitating project development from conceptualisation to commissioning. We are committed to enabling transparent procurement, assured offtake and timely bid processes for the projects,” he said.