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Odisha Signs RE Banking Agreements with ReNew E-Fuels and UltraTech Cement to Drive Green Industrial Growth

In a significant step towards advancing its renewable energy transition, the Grid Corporation of Odisha (GRIDCO) has signed Renewable Energy (RE) Banking Agreements with ReNew E-Fuels Pvt. Ltd. (50 MW) and UltraTech Cement Ltd. (6.25 MW). The agreements aim to accelerate Odisha’s green industrial growth by promoting clean power adoption and energy efficiency across key sectors.

The signing ceremony, held in Bhubaneswar, was attended by Deputy Chief Minister and Energy Minister Kanak Vardhan Singh Deo, who described the development as a testament to Odisha’s strong commitment to sustainable industrialisation.

“This initiative reinforces Odisha’s leadership in industrial growth supported by green infrastructure, strategic seaports, and progressive energy policies,” said Singh Deo. “We are building a future-ready ecosystem to meet rising industrial demand through clean energy.”

Odisha has already cleared 14 Green Hydrogen and Green Ammonia projects, representing an estimated Rs 2 lakh crore in investment and expected to create around 22,000 direct and indirect jobs, further positioning the state as a hub for green manufacturing.

Principal Secretary (Energy) Vishal Dev explained that RE banking acts as a mechanism to manage intermittency in renewable power generation.

“Since solar and wind energy output fluctuates with weather, RE banking enables industries to store excess power during peak production and retrieve it when generation is low,” he noted.

This virtual storage system ensures consistent renewable energy supply for energy-intensive industries such as cement, steel, and green hydrogen, thereby improving energy reliability and sustainability.

The initiative builds on the Odisha Renewable Energy Policy 2022 and the OERC Green Energy Open Access Regulations 2023, which together encourage industries to transition to low-carbon operations through open access, fiscal incentives, and streamlined clearances. These measures are also designed to attract investments in emerging green fuels, including hydrogen and ammonia.

The ceremony was attended by GRIDCO Managing Director Satyapriya Rath, along with senior representatives from ReNew E-Fuels, UltraTech Cement, and the Energy Department, underscoring the growing synergy between public and private stakeholders in advancing Odisha’s renewable energy ambitions.

With this initiative, Odisha continues to set an example for other states by showcasing how industrial growth and environmental stewardship can progress hand in hand through innovative clean energy solutions.