Indian State Signs $35 Billion Renewable Energy Deal with UAE

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Indian State Signs $35 Billion Renewable Energy Deal with UAE

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Rajasthan, India’s largest state by area, has signed a significant $35 billion investment agreement with the UAE government to develop a 60 GW solar, wind, and hybrid energy project. The memorandum of understanding was formalized in Jaipur by Rajasthan’s Principal Secretary of Industries, Ajitabh Sharma, and UAE Minister of Investment, Mohamed Hassan Al-Suwaidi.

This venture is set to enhance Rajasthan’s energy capabilities, particularly in the Thar Desert, utilizing modern technology for long-term power generation. The UAE will appoint a developer to coordinate the project with local officials, although specific timelines have not yet been disclosed.

Rajasthan’s Chief Minister, Bhajan Lal Sharma, emphasized the deal’s potential to generate employment and stimulate economic growth in the region. With India targeting a renewable energy capacity of 500 GW by 2030, this partnership is seen as crucial for achieving that goal, especially as Rajasthan aims to install 250 GW of solar energy.

Al-Suwaidi highlighted that this initiative aligns with the UAE’s energy transition strategy and showcases their commitment to clean energy solutions. The collaboration builds on the Comprehensive Economic Partnership Agreement signed between India and the UAE in 2022, which has strengthened bilateral ties and increased investment.

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