CESC Subsidiary to Invest ₹4,500 Crore in Odisha Solar Project

RENEWABLES

Overview

CESC Ltd's subsidiary, CESC Green Power Limited, has inked a Memorandum of Understanding with Odisha's IPICOL for a significant renewable energy project. The venture targets a 3 GW solar cell and module manufacturing facility, alongside battery storage and a captive power plant, entailing an investment of approximately ₹4,500 crore in Dhenkanal district. This move signifies CESC's substantial commitment to bolstering its renewable energy infrastructure.

Massive Solar Investment in Odisha

CESC Green Power Limited, a wholly-owned subsidiary of CESC Ltd, has formalized plans for a major renewable energy complex in Odisha. The company entered into a Memorandum of Understanding with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), an arm of the state government. This pact greenlights the establishment of a 3 GW Solar Cell manufacturing unit and a 3 GW Solar Module manufacturing unit.

Advanced Energy Storage and Power Plant

The project's scope extends to a 5 GWh Advanced Chemistry Cell Battery Pack facility, crucial for grid stability and energy storage solutions. Additionally, a 60 MW AC Captive Power Plant will support these operations. The entire venture, situated in Chhatia - Ambakhala under Gondia Tahasil in Dhenkanal district, represents an estimated investment of around ₹4,500 crore. This strategic expansion highlights CESC's aggressive push into the burgeoning renewable energy sector.

CESC's Renewable Push

This initiative aligns with CESC Ltd's broader strategy to diversify and expand its clean energy portfolio. The company, a leading Indian electrical utility, currently operates thermal power plants and has a presence in solar energy projects across Gujarat and Tamil Nadu. With a market capitalization exceeding ₹20,000 crore, CESC has demonstrated financial stability, maintaining a healthy dividend payout of 44 percent. The company's stock has shown resilience, climbing over 30 percent from its 52-week low of ₹119 per share, suggesting investor confidence in its growth trajectory.

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