Rajasthan Government signs MoU With UAE for Renewable Energy Projects worth Rs 3 lakh Crore

The Rajasthan government has made a major move towards sustainable energy by entering into a preliminary agreement with the United Arab Emirates (UAE) for a Rs 3 lakh crore investment in renewable energy projects. This significant agreement is ready to change the state's energy scene and enhance its efforts in green energy.

Officials stated that the Memorandum of Understanding (MoU) was signed in the presence of Chief Minister Bhajanlal Sharma and UAE’s Investment Minister Mohammad Hassan Al Suwaidi. The objective of this investment is to develop solar, wind and hybrid projects totalling 60 GW in the western districts of Rajasthan.

Chief Minister Sharma stressed that India's aim is to generate 500 GW of solar energy, with Rajasthan's contribution being 250 GW. He emphasised that aligning with the UAE in this partnership is a vital move towards achieving the objective and the initiative will greatly influence energy generation in the region.

The MoU was signed by Suwaidi, the Minister of Investment for the UAE and Ajitabh Sharma, the Principal Secretary of Rajasthan's Industry Department. The Chief Minister Sharma highlighted that Rajasthan's policies are favourable to investors, which have made it a top choice for investments in renewable energy. The state is currently at the forefront of renewable energy production in India and has implemented proactive strategies to fulfil future electricity needs in the next ten years.

He also stated that the state has entered into agreements totalling Rs 2.24 lakh crore with public sector companies to establish 32,000 MW plants in the last 10 months.

The Chief Minister also extended an invitation to Suwaidi for the Rising Rajasthan Global Investment Summit-2024, scheduled to take place in Jaipur from 9 to 11 December.

Under the guidance of Prime Minister Narendra Modi, the economic and strategic relations between India and the UAE have improved. UAE ranks as India's third biggest trading partner and the second largest destination for exports.