UAE, Rajasthan Government sign investment memorandum to explore 60 GW renewable energy project in India
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The United Arab Emirates (UAE) has signed a memorandum of investment with the Indian state of Rajasthan to explore the development of a 60 GW renewable energy project. The agreement will focus on harnessing solar, wind and hybrid energy opportunities in Rajasthan's western region.
This partnership is an extension of the broader Investment Cooperation framework between the UAE Ministry of Investment and India's Ministry of New and Renewable Energy. The project was initially outlined in their ongoing cooperation efforts.
The memorandum was signed by Mohamed Hassan Alsuwaidi, UAE Minister of Investment and Shri Ajitabh Sharma, Principal Secretary of Industries in Rajasthan. The agreement aims to bring advanced renewable energy technologies to the state and establish a long-term energy plant to meet critical needs. The UAE will appoint a developer to collaborate with Indian authorities to implement the initiative.
Alsuwaidi highlighted the importance of this project, emphasizing the UAE's focus on sustainable energy as part of its diversification agenda. He noted Rajasthan’s favourable climate and vast land, making it an ideal location for testing innovative energy technologies.
Shri Ajitabh Sharma echoed the significance of the partnership, stating that the project will accelerate India’s energy transition and serve as a model for renewable energy innovation. He stressed the importance of collaborations like this in achieving India’s clean energy goals.
Both nations have ambitious renewable energy targets. The UAE’s Energy Strategy 2050 aims to invest over US$163 billion by mid-century, with a goal to source 50% of its energy from clean sources by 2050 and achieve net-zero emissions. India, meanwhile, plans to reduce carbon intensity by 45% by 2030 and reach net-zero emissions by 2070. Currently, 40% of India's power capacity comes from non-fossil fuels and the country is advancing its National Green Hydrogen Mission, aiming to become a leader in green hydrogen by 2030.