The Rajasthan government has inked an initial agreement with the United Arab Emirates for a massive ₹3 lakh crore investment in the state’s renewable energy sector. This Memorandum of Understanding (MoU) was signed in the presence of Chief Minister Bhajanlal Sharma and UAE Investment Minister Mohammad Hassan Al Suwaidi.
This investment will be made for setting up solar, wind and hybrid projects of 60 GW capacity in the western districts of the state.
Chief Minister Sharma said that the central government has set an ambitious target of producing 500 GW of solar energy in the country.
To meet this target, Rajasthan must install 250 GW of solar plants. He emphasized that the partnership with the UAE will be a significant step toward achieving this objective, stating that the project is expected to drive transformative changes in energy production, according to an official statement.
UAE Investment Minister Suwaidi and Principal Secretary of the Industry Department Ajitabh Sharma signed the MoU, the statement added.
Sharma stated that Rajasthan’s favorable investment policies have made it the preferred choice for investors in renewable energy.
Rajasthan currently ranks first in renewable energy production in India, with the government implementing key measures and an action plan to address the growing electricity demand over the next decade.
He stated that the state government has signed MoUs worth ₹2.24 lakh crore with public sector undertakings. MoUs have been signed to set up 32,000 MW plants in a tenure of about 10 months.
UAE Investment Minister Mohammad Hassan Al Suwaidi emphasized that meeting energy needs through renewable sources is crucial, with the UAE playing a pivotal role in the transition from traditional to renewable energy.
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Resource: The Economic Times
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