Ahead of the Rising Rajasthan Global Investment Summit on 9, 10, and 11 December 2024 at JECC in Jaipur, the Rajasthan government has taken a major step towards renewable energy development by signing a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) on Tuesday.
The agreement is for a massive investment of Rs 3 lakh crore in renewable energy projects. The signing ceremony took place at the residence of Rajasthan’s Chief Minister Bhajan Lal Sharma and was attended by UAE’s Investment Minister Mohammad Hassan Al Suwaidi.
This investment will focus on setting up solar, wind, and hybrid power projects with a total capacity of 60 GW in the western parts of the state.
The government’s target is to meet Rajasthan’s growing energy needs through renewable sources. UAE Investment Minister Al Suwaidi and Ajitabh Sharma the Principal Secretary of Rajasthan’s Industry Department, signed the MoU in the presence of chief minister Bhajan Lal Sharma.
This MoU will contribute to the state’s energy security by establishing long-term power projects using advanced renewable energy technologies. The agreement also turns out a new milestone as UAE’s government funds are directly involved, and governments are going beyond private multinational investments.
Rajasthan Chief Minister emphasized that this partnership will go with India’s national goal of producing 500 GW solar energy. Rajasthan is expected to contribute 250 GW, in a tenure of about 10 months making it a key player as a model of sustainable energy innovations.
Currently, Rajasthan ranks first in renewable energy production, and this new investment is expected to significantly enhance its capacity and role in the energy sector.
The initiative will also bring technological innovations that will help the future of energy in the region, according to UAE Minister Al Suwaidi.
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