Rajasthan Signs MoUs Worth ₹1.23 Trillion for Renewable Projects

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To project Rajasthan as an attractive investment destination, the Rajasthan government has signed memorandums of understanding (MoUs) for nearly ₹1.23 trillion (~$15.77 billion) of renewable energy projects under the Invest Rajasthan program.

The agreements were signed for 14 projects proposed by both public sector and private companies in the renewable energy sector.

Rajasthan has been a hot spot for renewable energy projects in the country because of its favorable state policies, land availability, and sun irradiation levels.

Speaking at the Invest Rajasthan event, Chief Minister Ashok Gehlot said the state has implemented various policies in order to encourage investment in the state. Programs like the MSME Act 2019, Rajasthan Investment Promotion program 2019 and 2022, and the One Stop Shop programs have provided investors in the state with a transparent and hassle-free business environment.

Some of the renewable energy projects for which MoUs are:

  • ONGC’s 5 GW renewable energy projects at a cost of ₹250 billion (~$3.06 billion)
  • BPCL’s 1 GW renewable energy project at a cost of ₹50 billion (~$612.86 million)
  • GAIL’s solar park project at a cost of ₹72.5 billion (~$888.64 million)
  • Tepsol Sun Sparkle’s 5.2 GW renewable energy project at a cost of ₹250 billion (~$3.06 billion)
  • Greenko Energies’ 2.65 GW off-stream closed-loop pumped storage project at a cost of ₹135 billion (~$1.65 billion)
  • ReNew Power’s pumped hydro storage project at a cost of ₹100 billion (~$1.23 billion)
  • Semaliya Energy’s 1.2 GW off-stream closed-loop pumped storage project at a cost of ₹97 billion (~$1.19 billion)
  • ACME Cleantech Solutions’ 1.5 GW renewable energy project and a green hydrogen project at a cost of ₹71.5 billion (~$876.38 million)
  • Aditya Birla Renewables’ 1.5 GW renewable energy project at a cost of ₹60 billion (~$735.43 million)
  • Malur Renewables’ 1.8 GW solar park project at a cost of ₹50.90 billion (~$623.88 million)
  • Development of Bhankrota Solar Park of 900 MW capacity at a cost of ₹40.50 billion (~$496.41 million)
  • ACME’s Cleatech Solutions’ 600 MW off-stream closed hydro energy storage project at a cost of ₹28 billion (~$343.19 million)
  • ReNew Power’s carbon project at a cost of ₹20 billion (~$245.14 million)
  • Chiripal Group’s solar module production facility at a cost of ₹7 billion (~$85.79 million)

The Chief Minister said that in the last Invest Rajasthan summit, MoUs to the tune of ₹11 trillion (~$133.83 billion) were signed, out of which 49% MoUs are under implementation.

Last year, Rajasthan became the first state in India to surpass 10 GW of cumulative large-scale solar installations, as per Mercom’s India Solar Project Tracker.

Back in 2019, Rajasthan had released its Solar Energy Policy with a goal to achieve a 30 GW of solar power target by FY 2024-25. Of this, utility or grid-scale solar parks would account for 24 GW, distributed generation 4 GW, rooftop solar, and solar pumps accounting for 1 GW each.