New Delhi, India, December 22, 2025 — Global Green Growth Institute (GGGI) and the National Solar Energy Federation of India (NSEFI), in collaboration with GRIDCO, Government of Odisha, organized an investment dialogue on Floating Solar and Pumped Storage Projects under Odisha’s Clean Energy Vision at the India Habitat Centre, New Delhi, positioning Odisha as an emerging destination for clean energy investments.

The closed-door dialogue brought together over 65+ representatives from government agencies, state utilities, financial institutions, developers, investors, international organizations, and research institutions to explore scalable opportunities in floating solar photovoltaics (FSPV) and pumped storage projects (PSPs)—two technologies critical to India’s clean energy transition.

Discussions focused on policy and regulatory frameworks, financing and bankability, risk mitigation mechanisms, tariff structures, and opportunities for public–private partnerships to scale up FSPV and PSP deployment. With India’s floating solar potential estimated at over 200 GW, participants highlighted floating solar as an effective response to land constraints, improved resource efficiency, and reduced water evaporation, alongside the role of pumped storage in enhancing grid stability and enabling higher renewable energy penetration.

Dr. Satyapriya Rath, IAS, Managing Director, GRIDCO, outlined Odisha’s potential for floating solar and pumped storage development, including identified sites, project readiness, and the state’s approach to facilitating private sector participation. Industry and financial stakeholders also shared perspectives on technology trends, asset safety, financing norms, and implementation considerations.

GGGI, in collaboration with GRIDCO and other state partners, is supporting the Government of Odisha to explore and unlock the state’s floating solar potential, aligned with the targets outlined in the Renewable Energy Policy 2022, through an MoU signed in August 2024.

MD GRIDCO, shares his keynote address at the Investment Dialogue hosted by GGGI and NSEFI on December 22, 2025

“Emerging solutions such as floating solar and pumped storage will play an important role in achieving India’s long-term renewable energy and grid resilience objectives, as the country progresses towards its target of 500 GW of non-fossil fuel capacity by 2030,” shared Dr. Rath.

The dialogue underscored the importance of creating investment-ready project pipelines and strengthening institutional coordination to accelerate deployment. It concluded with a consensus on continued engagement through follow-up technical discussions, targeted investor outreach, and closer collaboration among state agencies, developers, and financiers to translate deliberations into bankable projects and on-ground outcomes.

Soumya Garnaik, India Country Representative, GGGI, addressing the dialogue virtually

Participants at the Investment Dialogue

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About Global Green Growth Institute (GGGI)

The Global Green Growth Institute (GGGI) was founded as a treaty-based international, inter-governmental organization in 2012 at the United Nations Conference on Sustainable Development. GGGI supports its Member States in transitioning their economies toward a green growth model that simultaneously achieves poverty reduction, social inclusion, environmental sustainability, and economic growth. With 53 Member States and 30 Partner countries and regional integration organizations in the process of accession, GGGI delivers programs and projects in over 53 countries. These initiatives encompass developing innovative green growth solutions, technical support, capacity building, policy planning & implementation, and assistance in building a pipeline of bankable green investment projects, project financing, investments, and knowledge sharing. GGGI’s work contributes to its Member States’ efforts to fulfill the Sustainable Development Goals and the Nationally Determined Contributions to the Paris Agreement.

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For more information, visit:  https://gggi.org

About NSEFI – National Solar Energy Federation of India

NSEFI has been India’s leading Renewable Energy policy advocacy body for the past decade and is an umbrella organisation representing renewable energy (RE) companies that are active along the whole RE value chain comprising leading International, National, and regional companies including Developers, manufacturers, EPC Contractors, Installers, System Integrators, Small and Medium Enterprises etc. NSEFI works in a complimentary manner with Central and State Governments to achieve India’s Renewable Target of 500 GW by 2030. NSEFI’s efforts have culminated into making India’s solar a successful growth story where India is today the 5th Largest country in terms of installed solar capacity.

Media Contact

(GGGI India) Rushalee Gupta, Communications Consultant rushalee.gupta@gggi.org

Ashok Thanikonda, Sr. Program Officer ashok.thanikonda@gggi.org

Photos ©Global Green Growth Institute