• Home
• /
• World
• /
• Asia

UAE, India to explore renewable energy project in Rajasthan

The signed investment memorandum between UAE and Rajasthan will look at solar, wind and hybrid energy opportunities

The UAE has signed an investment memorandum with the State of Rajasthan to explore the development of a 60 GW project in the Indian state.

The agreement will look at solar, wind and hybrid energy opportunities in the Western district of Rajasthan.

The historic agreement aims to bring in best-in-class renewable energy technologies to build a long-term plant serving critical energy needs in the state. The UAE will appoint an appropriate developer to implement this landmark initiative, in close collaboration with relevant Indian authorities.

The partnership builds upon the wider Investment Cooperation established between the UAE Ministry of Investment and the Ministry of New and Renewable Energy of the Republic of India in which the development of such a project was first outlined.

Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and Shri Ajitabh Sharma, Principal Secretary of Industries in the Government of Rajasthan, were the official signatories on the memorandum.

Alsuwaidi said, "Meeting tomorrow's energy needs through sustainable and renewable methods is essential. The UAE remains at the forefront of an ambitious diversification agenda, with energy transition as a key pillar. This project highlights our unwavering commitment to advancing clean energy solutions. Rajasthan, with its favourable climate and vast landmass, offers the ideal environment for this initiative, serving as a testing ground for innovative technologies that will shape the future of energy."

Lal Sharma said, "India is steadfast in its commitment to a sustainable energy future, and partnerships like this one with the UAE playing a crucial role in achieving our goals. By leveraging Rajasthan's natural advantages, this project will not only accelerate our energy transition but also serve as a model for innovation in renewable energy. Together, we are forging a path towards a greener, more sustainable world."

Both nations have outlined ambitious clean energy goals in recent years. As part of the UAE's Energy Strategy 2050, the country plans to invest over $163 billion by 2050 with the aim to have 50 per cent of its energy mix from come from clean sources the same year. Additionally, the UAE aims to achieve net-zero emissions by 2050, aligning with global climate goals and enhancing its economic sustainability.

Rajasthan's plan is in line with India making significant strides in its clean energy transition, aiming to reduce carbon intensity by 45 per cent by 2030 and achieve net-zero emissions by 2070. Currently, 40 percent of India's power capacity comes from non-fossil fuels – nine years ahead of schedule. Additionally, with the $2.4 billion National Green Hydrogen Mission, India seeks to position itself as a global leader in green hydrogen production, usage, and export by 2030.

ALSO READ:

• UAE: Indian jewellery brand to open 15 stores, raise Dh1 billion for expansion

• UAE: Lulu IPO set to maintain trend of heavy oversubscription, say analysts