The Rajasthan government has signed a significant investment agreement with the United Arab Emirates (UAE) for Rs 3 lakh crore ($35 billion) to boost renewable energy output in the state. The Memorandum of Understanding (MoU) was signed in the presence of Rajasthan Chief Minister Bhajanlal Sharma and UAE Investment Minister Mohammad Hassan Al Suwaidi. The funding would assist solar, wind, and hybrid projects totalling 60 GW in Rajasthan’s western regions.
Chief Minister Sharma emphasised the project’s importance in helping India meet its lofty goal of producing 500 GW of solar energy. He emphasised that Rajasthan needs to add 250 GW of solar capacity to make a meaningful contribution to this target. Sharma described the relationship with the UAE as a critical step towards achieving these renewable energy goals.
Suwaidi, the UAE Minister for Investment, and Ajitabh Sharma, the Principal Secretary of Rajasthan’s Industry Department, both signed the MoU. Rajasthan has developed as a popular location for investors due to its favourable investment policies. The state now ranks #1 in India for renewable energy production and plans to fulfil rising electricity demand over the next decade.
The Chief Minister welcomed Suwaidi to the ‘Rajasthan Global Investment Summit-2024,’ which would take place in Jaipur from December 9 to 11.
