Rajasthan govt signs initial agreement with UAE for Rs 3 lakh cr investment in renewable energy

Jaipur: The Rajasthan government has signed an initial agreement with the United Arab Emirates for an investment of Rs 3 lakh crore in the field of renewable energy in the state.

Officials said that the signing of the Memorandum of Understanding (MoU) was done in the presence of Chief Minister Bhajanlal Sharma and Investment Minister of UAE 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 achieve this target, Rajasthan will have to install 250 GW solar plants. He said that this partnership with UAE will prove to be an important step in achieving this target. This project will bring the desired change 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 said that due to favorable investment policies, Rajasthan has become the choice of investors in renewable energy.

Today Rajasthan ranks first in renewable energy production in India. The government has taken several important steps to strengthen the power system by preparing an action plan to meet the increasing demand for electricity in the next 10 years.

He said that the state government has signed MoUs worth Rs 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.

The Chief Minister said that under the leadership of Prime Minister Narendra Modi, the economic, commercial and strategic partnership between India and the UAE has deepened further. The UAE is India's third largest trading partner, while the UAE ranks second in exports from India.

UAE Investment Minister Mohammad Hassan Al Suwaidi said that meeting energy requirements from renewable resources is the biggest need of the hour. The UAE is playing an important role in this shift from traditional energy to renewable energy.

The Chief Minister invited Suwaidi to the Rising 'Rajasthan Global Investment Summit-2024' to be held in Jaipur from December 9 to 11.