Major renewable energy projects worth ₹903 cr approved by Odisha government; India sees substantial growth of renewable energy sector

The Odisha government on Thursday, gave the go-ahead signal to investment proposals worth ₹903.41 crore. The energy projects approved through a single window committee (SWC) of the energy department, showcase the state’s commitment to building a transformative green energy infrastructure. It is a step towards meeting its renewable energy target of 10 GW by 2030.

The investments will cover two large wind energy projects along with a slew of solar energy projects.

According to the government's official statement, the SWC panel has approved HPCL Renewable & Green Energy Ltd's proposal to establish a 48-MW wind energy project in Umerkote, Nabarangpur district, and has also given the green light to ONGC Tripura Power Company Ltd to develop a 49.5-MW wind energy project in Astaranga, Puri district.

So far, the SWC of the energy department has passed investment proposals worth ₹3,723.57 crore.

Renewable energy projects launched across India

Early this week, Juniper Energy, a company that provides innovative and sustainable renewable energy solutions with the latest technologies, signed two power purchase agreements (PPA) for renewable energy projects in Gujarat and Rajasthan.

In another development, JSW Neo Energy, fully owned by JSW Energy, announced on Wednesday that it has signed power purchase agreements (PPAs) through its subsidiaries for wind and solar projects totalling 1,325 MW.

The ₹1,28,670 crore market cap company, JSW Energy Limited saw its shares jump 3.25% on Wednesday. They were trading at ₹735.40 per equity share on Wednesday after closing at ₹721.25 the previous day.

Other key players in the renewable energy sector include Tata Power, Adani Green Energy, NTPC, KPI Green Energy, NHPC, and Hindustan Power.

Tata Power's revenue in the March quarter of FY24 was 27.24% up YoY at ₹15,847 crore. Its stock has registered a 33.42% growth year-to-date and over 101% over the past year on the NSE.

State-owned NTPC also reported 7.61% YoY revenue growth in its March 2024 quarter, at ₹47,622 crore. Its stock jumped more than 103% YoY. Its previous close on the NSE was ₹377.15 on June 27, 2024.