In a significant stride towards bolstering Odisha’s renewable energy ecosystem, the Grid Corporation of Odisha (GRIDCO) today formalised renewable energy (RE) banking agreements with two major industrial players: M/s ReNew E-Fuels Private Limited for 50 MW and M/s UltraTech Cement Ltd for 6.25 MW.
The signing ceremony, held in the state capital, unfolded in the presence of Deputy Chief Minister and Minister of Energy, Kanak Vardhan Singh Deo. These agreements are poised to accelerate Odisha’s adaptation to renewable sources, particularly in the burgeoning domains of Green Hydrogen and Green Ammonia production, laying the groundwork for a more sustainable and economically vibrant future.
Addressing the gathering, Deputy CM KV Singh Deo emphasised the transformative potential of these pacts. “This agreement reinforces Odisha’s leadership and commitment focused towards industrial development, backed by strong policies, robust green infrastructure, and strategic seaports in the backdrop of growing industrial demand,” he stated. He highlighted the state’s proactive stance, noting that approvals have already been granted for 14 Green Hydrogen and Green Ammonia projects, attracting a proposed investment of approximately Rs. 2 Lakh Crores. These initiatives are projected to create employment opportunities for around 22,000 individuals, injecting fresh momentum into the local economy.
Participated in the signing of a strategic Banking Agreement today with M/s. Renew E-FUELS and M/s. Ultratech Cement, in partnership with GRIDCO,
at the 2nd Floor Conference Hall, Lokseva Bhavan.This collaboration marks a significant step in accelerating Odisha’s clean energy… pic.twitter.com/hxew91JLNA
— Kanak Vardhan Singh Deo (Modiji Ka Parivar) (@KVSinghDeo1) October 10, 2025
Shedding light on the technical underpinnings of RE banking, Principal Secretary Energy Vishal Dev explained, “Since generation from RE sources such as solar and wind is highly intermittent in nature and dependent on weather conditions, banking of RE power allows consumers to store surplus energy during peak generation periods and draw upon the banked energy during lean times.” This mechanism ensures reliability and maximises the utilisation of clean energy, addressing one of the key challenges in transitioning to renewables.
Odisha’s forward-looking regulatory framework has been instrumental in enabling such innovations. The Odisha Renewable Energy Policy, 2022, coupled with the Odisha Electricity Regulatory Commission (OERC) (Promotion of Renewable Energy through Green Energy Open Access) Regulations, 2023, actively promotes green energy adoption via open access routes. These policies not only facilitate RE banking but also incentivise the production of Green Hydrogen, Green Ammonia, and their derivatives, offering a suite of opportunities and fiscal benefits for establishing RE projects across the state.
The event marked the presence of GRIDCO Managing Director Satyapriya Rath, alongside representatives from ReNew E-Fuels and UltraTech Cement, as well as senior officers from the Energy Department and GRIDCO. This collaboration signals a collaborative push towards decarbonising industries and positioning Odisha as a frontrunner in India’s green energy revolution.
As global demands for sustainable practices intensify, these agreements exemplify how targeted policy interventions can bridge the gap between intermittent renewables and industrial needs, heralding a cleaner tomorrow for the eastern seaboard state.
