GRIDCO Signs Renewable Energy Banking Agreements with ReNew E-Fuels and UltraTech Cement

Bhubaneswar: In a major step towards accelerating Odisha’s renewable energy transition, GRIDCO Limited signed Renewable Energy (RE) banking agreements with ReNew E-Fuels Private Limited for 50 MW and UltraTech Cement Ltd for 6.25 MW. The signing ceremony took place in the presence of Deputy Chief Minister and Minister of Energy, Kanak Vardhan Singh Deo.

The agreements aim to strengthen Odisha’s renewable energy adaptation efforts and boost the State’s emerging Green Hydrogen and Green Ammonia ecosystem, contributing to a sustainable and energy-secure future.

Speaking on the occasion, Deputy Chief Minister Singh Deo highlighted that the agreements reaffirm Odisha’s leadership in industrial development supported by green infrastructure, robust policies, and strategic connectivity.

“So far, Odisha has approved 14 Green Hydrogen and Ammonia Projects with a proposed investment of approximately Rs. 2 lakh crore, expected to generate employment for around 22,000 people,” he said.

Principal Secretary, Energy Department, Vishal Dev, explained that RE banking enables energy consumers to store surplus renewable power generated during high-production periods and utilize it during low-generation phases, ensuring grid stability and continuous industrial operations.

He added that Odisha has adopted a forward-looking renewable energy strategy through the Odisha Renewable Energy Policy, 2022, and the OERC (Promotion of Renewable Energy through Green Energy Open Access) Regulations, 2023, which promote open access, green energy banking, and production of Green Hydrogen, Green Ammonia, and their derivatives.

The signing marks a milestone in Odisha’s renewable energy journey, positioning the State as a frontrunner in green industrial transformation and clean energy innovation.

Present during the event were Satyapriya Rath, Managing Director, GRIDCO, representatives from ReNew E-Fuels Private Limited and UltraTech Cement, along with senior officials from the Energy Department and GRIDCO.