Bhubaneswar, Oct 10: GRIDCO has entered into a Renewable Energy (RE) banking agreement with ReNew E-Fuels Private Limited for 50 MW and with UltraTech Cement Ltd for 6.25 MW, in the presence of Deputy Chief Minister and Minister of Energy, Kanak Vardhan Singh Deo.
The initiative marks a significant step in strengthening Odisha’s commitment to renewable energy adoption and the development of the Green Hydrogen and Green Ammonia ecosystem—key drivers of a sustainable and prosperous future for the state.
Singh Deo highlighted that the agreement underscores Odisha’s leadership and unwavering commitment to industrial development, supported by strong policy frameworks, robust green infrastructure, and strategically located seaports.
“So far, we have approved 14 Green Hydrogen and Green Ammonia projects with an estimated investment of around ₹2 lakh crore, which are expected to create employment opportunities for nearly 22,000 people,” he said.
Principal Secretary, Energy Department, Vishal Dev explained that power generation from renewable sources such as solar and wind is highly intermittent and dependent on weather conditions.
The RE banking mechanism enables consumers to store surplus energy during periods of excess generation and draw on it during low-generation periods, ensuring stable and efficient energy utilization.
Odisha has adopted a forward-looking and comprehensive approach to renewable energy development under the Odisha Renewable Energy Policy, 2022, and the OERC (Promotion of Renewable Energy through Green Energy Open Access) Regulations, 2023.
These frameworks aim to promote green energy through open access, facilitate energy banking, and encourage the production of Green Hydrogen, Green Ammonia, and related derivatives. The policy also extends a range of incentives and opportunities for the establishment of renewable energy projects across the state.
The agreement signing ceremony was attended by GRIDCO Managing Director Satyapriya Rath, representatives from ReNew and UltraTech Cement, along with senior officials from the Energy Department and GRIDCO.
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