₹1.17 lakh crore investment proposals emerge

 

THEBUSINESSBYTES BUREAU

NEW DELHI, NOVEMBER 3, 2026

Union Minister for New and Renewable Energy Pralhad Joshi on Tuesday reiterated the Centre's commitment to transforming Odisha into a major green energy hub by 2036, as the state unveiled an ambitious investment pipeline of around ₹1.17 lakh crore at the Bharat Renewable Energy Summit and Expo 2026.

Addressing the Odisha State Plenary in the presence of Chief Minister Mohan Charan Majhi and Deputy Chief Minister Kanak Vardhan Singh Deo, Joshi said Odisha was poised to emerge as a key player in India's clean energy transition, leveraging its vast potential in solar, wind, pumped storage and green hydrogen.

The state has set an ambitious target of achieving 10.96 GW of renewable energy capacity by 2030, with the proposed expansion expected to attract substantial investments, generate employment and strengthen energy security.

"Odisha holds immense potential in solar, wind, pumped storage and green hydrogen. I firmly believe Odisha can achieve much more. The Centre stands fully committed to turning its potential into investments, jobs and reliable clean energy," Joshi said.

Signalling growing investor confidence in the state's renewable energy ambitions, 18 memoranda of understanding (MoUs) exchanged during the summit have attracted prospective investment proposals worth approximately ₹1.17 lakh crore, involving a tentative capacity addition of around 11.7 GW.

The proposed projects cover a diverse range of emerging clean energy segments, including pumped storage, solar, wind, hybrid renewable energy, battery storage, green hydrogen, green ammonia and green data centres.

Chief Minister Majhi described the investment response as a watershed moment for Odisha and called upon domestic and international investors to partner in the state's transformation into one of India's leading clean energy destinations.

He said Odisha aspired to become one of the country's top five power-exporting states and emerge as the clean energy engine of eastern India.

The state's natural resource endowment provides a strong foundation for this ambition. Odisha has identified nearly 49 GW of pumped storage potential, more than 12 GW of floating solar capacity across its reservoirs and over 12 GW of coastal wind energy potential, apart from significant opportunities in green hydrogen and green ammonia.

To facilitate the planned expansion, the state is implementing a ₹19,348 crore grid expansion programme under the Mukhya Mantri Shakti Vikas Yojana, aimed at strengthening transmission infrastructure and facilitating the integration of renewable energy into the power network.

Joshi also highlighted the importance of making the renewable energy transition inclusive, particularly by extending its benefits to farmers and households.

Pointing to India's growing international leadership in clean energy, he said the country had been elected President of the International Solar Alliance (ISA) for a third consecutive term, reinforcing its commitment to the vision of "One Sun, One World, One Grid".

He said solarisation and agrivoltaic (Agri-PV) models were empowering farmers, with initiatives aimed at reaching three million farmers through solar energy solutions. The PM-KUSUM scheme, he noted, had emerged as an effective model for reducing irrigation expenses while creating additional income opportunities for the farming community.

Odisha has also made notable progress under the PM Surya Ghar: Muft Bijli Yojana, securing the seventh position nationally in rooftop solar installations, with more than 1.74 lakh systems installed against over 3.12 lakh applications received.

The combined support of central and state subsidies has helped accelerate rooftop solar adoption, particularly among residential consumers.

Under PM-KUSUM, the state has installed approximately 15,780 standalone solar pumps against 18,441 sanctioned units. However, the minister stressed the need to accelerate implementation of grid-connected components to unlock the scheme's full potential.

Earlier initiatives, including the Utility-Led Aggregation model targeting 1.5 lakh rooftop solar installations, have further strengthened the foundation for decentralised renewable energy adoption in the state.

The Bharat Renewable Energy Summit and Expo 2026, inaugurated by Prime Minister Narendra Modi on November 2, is being held from November 2 to 5 under the theme "Invest. Innovate. Inspire."

With 13 states showcasing their renewable energy investment opportunities and participation from international stakeholders, the summit has emerged as a major platform for mobilising investments, promoting technological collaboration and advancing India's clean energy ambitions.

Odisha's investment pipeline and long-term vision assume significance against the backdrop of India's target of achieving 500 GW of non-fossil fuel-based energy capacity, with the state seeking to position itself as a major contributor to the country's green energy transition.