Welspun New Energy has signed an agreement with the Odisha government to invest Rs 13,500 crore for the development of two clean energy projects in the state, a statement said.

Under this agreement, Welspun New Energy has committed investments worth Rs 13,500 crore to develop a 1,200 MW pumped hydro project and a 1,000 MW floating solar power project in Odisha, its parent firm Welspun World said in the statement.

These projects are expected to enhance the state's energy storage capacity, support the integration of renewable energy into the grid, and contribute to India's overall target of achieving 500 GW of renewable energy capacity by 2030, it added.

"The projects, backed by our Rs 13,500 crore investment in green technologies, mark a key milestone in our mission to accelerate renewable energy adoption in the state, highlighting our unwavering commitment to innovation and sustainability," Kapil Maheshwari, Executive Director & CEO of Welspun New Energy, said.