Chief Minister Bhajanlal Sharma and UAE Investment Minister Sign Historic MoU for ₹3 Lakh Crore Investment in Renewable Energy Sector

Jaipur : A historic memorandum of understanding (MoU) worth ₹3 lakh crore was signed on Tuesday at the Chief Minister’s residence in the presence of Rajasthan Chief Minister Bhajanlal Sharma and UAE Minister of Investment Mohammed Hassan Al Suwaidi. The investment will be directed toward establishing a 60 gigawatt capacity solar, wind, and hybrid energy project in the western districts of Rajasthan.

UAE’s Minister of Investment Mohammed Hassan Al Suwaidi and Principal Secretary of the Industries Department, Ajitabh Sharma, signed the MoU. The agreement aims to meet Rajasthan’s energy needs through a long-term power project utilizing cutting-edge renewable energy technologies. As part of this initiative, the UAE will appoint a qualified developer to coordinate with state authorities and expedite the project’s implementation.

Rajasthan to Emerge as a Model for Energy Innovation – Chief Minister

The Chief Minister stated that both the central and state governments are continuously working to promote renewable energy under Prime Minister Narendra Modi’s leadership. The central government has set an ambitious target of 500 gigawatts of solar energy production across the country. Rajasthan, as part of this goal, will need to establish 250 gigawatts of solar plants. The partnership with the UAE marks a significant step towards achieving this target and will bring the desired transformation in energy production while positioning Rajasthan as a model for sustainable energy innovations.

Bhajanlal Sharma highlighted that Rajasthan has become the top choice for investors in renewable energy due to favorable investment policies. Currently, the state ranks first in renewable energy production in India. Several steps have been taken to strengthen the power infrastructure, with plans already in place to meet the growing electricity demand over the next 10 years. The state government has signed MoUs worth ₹2.24 lakh crore with public sector undertakings, and agreements for setting up 32,000 megawatt power plants have been signed within the last 10 months.

The Chief Minister also acknowledged that the economic, commercial, and strategic partnership between India and the UAE has deepened under Prime Minister Modi’s leadership. The UAE is India’s third-largest trading partner, while it ranks second for Indian exports, reflecting the strong relationship between the two countries. The Comprehensive Economic Partnership Agreement (CEPA) signed in 2022 has opened new avenues for bilateral trade.

UAE’s Role in the Transition to Renewable Energy

UAE Minister Mohammed Hassan Al Suwaidi emphasized the urgent need to fulfill energy requirements through renewable resources. The shift from traditional energy sources to renewable energy is crucial, and the UAE is playing a significant role in this transition. He noted that Rajasthan’s climate and geographical conditions make it ideally suited for technological innovations in the energy sector, which will undoubtedly transform the landscape of energy production in the future.

Invitation to Invest at the Rising Rajasthan Summit

During the meeting, Chief Minister Sharma extended an invitation to Minister Al Suwaidi to participate in the upcoming Rising Rajasthan Global Investment Summit, scheduled for December 9-11 in Jaipur. He informed the UAE Minister about investment opportunities in Rajasthan’s renewable energy, smart grid, energy storage, distribution, hospitality, tourism, and infrastructure development projects. The Chief Minister also mentioned the proposed large-scale projects for solar energy, drinking water, highway construction, and pumped storage power generation, making Rajasthan a prime investment destination for UAE’s sovereign wealth funds and other investors.

Additionally, the Chief Minister urged the UAE to encourage greater participation from business organizations and multinational company CEOs at the summit. He also discussed enhancing direct air connectivity between Jaipur and the UAE.

The event was attended by Industry and Commerce Minister Colonel Rajyavardhan Rathore, Minister of State for Industry and Commerce K.K. Bishnoi, Chief Secretary Sudhansh Pant, Additional Chief Secretary for Energy Alok, Additional Chief Secretary (CMO) Shikhar Agarwal, Principal Secretary (CMO) Alok Gupta, and senior officials from various departments.

Foreign Governments Leading Investment in Rajasthan

Efforts under the Rising Rajasthan Summit have significantly boosted international investor confidence in the state. While investment was previously dominated by private multinational companies, this MoU marks a new milestone, with the UAE government committing to invest in Rajasthan through its public funds. This historic agreement will bring a ₹3 lakh crore investment in the state’s renewable energy sector.