Odisha Seals RE Banking Pacts with ReNew E-Fuels and UltraTech Cement to Power Green Industrial Growth

In a major boost to Odisha’s renewable energy transition, the Grid Corporation of Odisha (GRIDCO) has formalised Renewable Energy (RE) Banking Agreements with ReNew E-Fuels Pvt. Ltd. (50 MW) and UltraTech Cement Ltd (6.25 MW).

The pacts, signed in Bhubaneswar in the presence of Deputy Chief Minister and Energy Minister Kanak Vardhan Singh Deo, aim to strengthen Odisha’s clean energy ecosystem while accelerating industrial decarbonisation and sustainability.

Describing the development as a 'demonstration of Odisha’s strong commitment to sustainable industrialisation', Deputy CM Singh Deo said, “This agreement reinforces Odisha’s leadership in industrial development backed by robust green infrastructure, strategic seaports, and proactive policies. We are building a future-ready energy ecosystem capable of meeting rising industrial demand through clean power.”

The minister revealed that Odisha has already approved 14 Green Hydrogen and Green Ammonia projects, representing a cumulative proposed investment of nearly INR 2 lakh crore and expected to generate around 22,000 direct and indirect jobs, further establishing the state as a green manufacturing hub.

Principal Secretary (Energy) Vishal Dev explained that RE banking helps address the challenge of intermittency in renewable generation. “Since solar and wind energy depend on weather conditions, RE banking allows consumers to store surplus power during high generation periods and withdraw it later during low generation times,” he said.

This mechanism acts as a virtual storage system, balancing demand and supply while ensuring consistent green power for energy-intensive industries such as cement, steel, and green hydrogen.

The Odisha Renewable Energy Policy 2022 and the OERC Green Energy Open Access Regulations 2023  have provided the foundation for these developments, promoting open access renewable adoption and incentivising low-carbon industrial operations.

These policies also encourage investments in next-generation green fuels like hydrogen and ammonia by offering fiscal incentives, streamlined clearances, and infrastructure support, making Odisha a preferred destination for clean energy investors.

The ceremony was attended by GRIDCO Managing Director Satyapriya Rath, representatives from ReNew E-Fuels and UltraTech Cement, and senior officials from the Energy Department, highlighting the growing synergy between the public and private sectors in advancing the state’s renewable goals.

By enabling industries to integrate renewables seamlessly into their operations, the RE Banking initiative stands as a model for other states aiming to combine industrial growth with environmental responsibility.