Rajasthan signs MoU with UAE for Rs 3 Lakh Crore

Rajasthan govt signed an MoU in the said investment of Rs 3 lakh crore in the renewable energy sector in the presence of Chief Minister Bhajan Lal Sharma. The MoU was inked with UAE which was inked at Chief Minister's residence where UAE Investment Minister Mohammad Hassan Al Suwaidi was present.

Speaking above, this investment would be towards the setting up of 60 GW capacity of solar, wind and hybrid projects in the western districts of the state.

The MoU was signed by UAE Investment Minister Mohammad Hassan Al Suwaidi and Principal Secretary of Industry Department Ajitabh Sharma.

According to him, this MoU is designed to address the energy requirement of the state with this long-term power project by utilizing advanced technology related to renewable energy.

He added that this project would nominate the UAE with a capable and qualified developer who will coordinate at the governance and administration level in the state and expedite the implementation of the project.

Earlier, in the summit, private multinational companies used to invest into. Now, taking it a step ahead, the 'Government of United Arab Emirates' has signed this important MoU to invest into the state with government funds also, said he.

"This MoU, an investment of Rs 3 lakh crore, will come in the field of renewable energy in the state", said the officials.

The Chief Minister said here on Wednesday that both the state and central governments have been working devotedly for bettering renewable energy.

"The central government has set a target to produce 500 GW of solar energy in the country. Rajasthan will have to put in solar plants of 250 GW to meet this target. This partnership with the UAE will prove to be a historic step in meeting this challenge. The project will bring about the required change in the face of energy production and Rajasthan will emerge as a model of sustainable energy innovations," he added.

He claims that today it stands at number one in India, even in the case of renewable energy production.

It seeks to bolster up the power system. Many important decisions have been taken, stated Chief Minister Trivendra Singh Rawat. MoUs worth Rs 2.24 thousand crore have been signed with public sector undertakings, said Chief Minister. In about 10 months tenure, MoUs have been signed for installing plants of 32000 MW, said Chief Minister.

Speaking on the 'Rajasthan Renewable Energy Conference', UAE Investment Minister Mohammad Hassan Al Suwaidi said that the biggest challenge for them in the years to come would be to fulfill energy demands from renewable resources. "The climatic and geographical conditions of Rajasthan are very favorable for technological innovations in the energy sector. Certainly, these innovations would change the scenario of the energy sector in future," he added.

He has also been invited to the Rising Rajasthan Global Investment Summit-2024 slated on 9 to 11 December at Jaipur.