Indian renewable energy developer Axis Energy has signed a memorandum of understanding with the Government of Odisha to develop up to 5GW of renewable energy capacity in the state.
The agreement was signed with Grid Corporation of Odisha Limited (GRIDCO), a wholly owned entity of the Government of Odisha, and forms part of a broader investment plan valued at INR477.5 billion (US$5.26 billion).
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Axis Energy will deliver the project in partnership with Evren, an India focused renewable energy platform backed by global asset manager Brookfield. In January 2026, Axis announced plans to invest INR317.5 billion into the project.
The company said the collaboration will accelerate large scale renewable projects, integrate energy storage capacity, strengthen grid reliability and support industrial decarbonisation, in line with the state’s energy policy.
Announced in 2022, the Odisha Renewable Energy Policy sets out a target of reaching 10.96GW of installed renewable capacity by 2030, with a particular emphasis on solar deployments including rooftop and floating projects. The framework offers a range of developer incentives, such as capital subsidies of up to 30%, full exemption from electricity duty for 20 years and simplified land allocation procedures to accelerate project execution.
Headquartered in Hyderabad, Telangana, the company has commissioned more than 1.5GW of wind and solar capacity to date and claims to have 3.8GW of solar parks under development.
