Jaipur, Oct 22 (IANS): Rajasthan govt on Tuesday signed an MoU for the investment of Rs 3 lakh crore in renewable energy with UAE which was signed at the Chief Minister's residence in the presence of Chief Minister Bhajan Lal Sharma and UAE Investment Minister Mohammad Hassan Al Suwaidi.
An official said that this investment will be made for setting up 60 GW capacity solar, wind and hybrid projects in the western districts of the state.
UAE Investment Minister Mohammad Hassan Al Suwaidi and Principal Secretary of Industry Department Ajitabh Sharma signed this MoU.
“This MoU was done with the aim of meeting the energy needs of the state through the establishment of a long-term power project using the latest technology related to renewable energy,” an official said.
He added that under this initiative, the UAE will also appoint a qualified and competent developer who will coordinate at the level of governance and administration in the state and will speed up the project's implementation.
“Earlier, investments were being made by private multinational companies under the summit. But now, going a step further, the 'Government of United Arab Emirates' has signed this important MoU for investment in the state with government funds,” he said.
The official added that this MoU, an investment of Rs 3 lakh crore will come in the field of renewable energy in the state, said officials.
The Chief Minister said that the Central and state governments are continuously working to promote renewable energy.
“The Central government has set an ambitious target of producing 500 GW of solar energy in the country. To achieve this target, Rajasthan will have to install solar plants of 250 GW. This partnership with UAE will prove to be an important step in achieving this goal. This project will bring the desired change in energy production and Rajasthan will also emerge as a model of sustainable energy innovations,” he said.
He added that today Rajasthan ranks first in renewable energy production in India.
“We have taken many important steps to strengthen the power system by preparing an action plan to meet the increasing demand for electricity in the next 10 years. Sharma said that the state government has signed MoUs worth Rs 2 .24 thousand crore with public sector undertakings. In a tenure of about 10 months, MoUs have been signed to set up plants of 32000 MW,” the Chief Minister said.
UAE Investment Minister Mohammad Hassan Al Suwaidi said that meeting energy requirements from renewable resources is the biggest need of the hour.
“The climate and geographical conditions of Rajasthan are very suitable for technological innovations in the energy sector. Certainly, these innovations will change the picture of the energy sector in future,” he added.
The Chief Minister also invited Suwaidi to the Rising Rajasthan Global Investment Summit-2024 to be held in Jaipur from 9 to 11 December.