The UAE inked an investment MoU with the Rajasthan government to explore a 60 GW renewable energy project in the Indian state, focusing on solar, wind, and hybrid energy in Rajasthan's western district, according to a statement (pdf). The project has a total investment ticket of INR 3 tn (AED 131.1 bn), according to details picked up by the Economic Times.

Background: The Investment Ministry signed an MoU with India’s New and Renewable Energy in February to ramp up investment in the renewable energy sector.

The investment comes in a bid to contribute to India's climate goals, aiming to reduce carbon intensity by 45% by 2030 and achieving net-zero emissions by 2070. “Rajasthan, with its favorable climate and vast landmass, offers the ideal environment for this initiative,” said Investment Minister Mohamed Hassan Alsuwaidi.

What’s next? The UAE will appoint a developer to implement the project, in collaboration with Indian authorities.

The UAE and India have been ramping up energy cooperation: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed’s visit to India in September led to some major energy agreements. Adnoc signed a 15-year agreement to supply 1 mn metric tonnes of LNG per year to IndianOil, primarily sourced from its Ruwais LNG project. Adnoc also extended its oil storage agreement with India’s Strategic Petroleum Reserve. In the nuclear energy arena, Emirates Nuclear Energy Corporation handed India’s Nuclear Power Corporation operation and maintenance rights for the Barakah nuclear power plant.

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