GFA on renewable energy between India and UAE

The Dollar Business Bureau 

The New and Renewable Energy Ministry said that the Union Cabinet led by Prime Minister Narendra Modi has been apprised of an agreement between India and the United Arab Emirates (UAE), on cooperation in the field of renewable energy.

"The Union Cabinet headed by PM Narendra Modi was apprised of a General Framework Agreement (GFA) on Renewable Energy Cooperation between India and the UAE," the Ministry said in a statement.

The Agreement was signed during the visit of HH General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to New Delhi on February 11, 2016.

The GFA’s objective is to form the basis for an agenda through which investments, extensive projects, other types of commercial activities, collaboration for research and development (R&D) in the field of renewable energy, and knowledge-sharing platforms could be ratified on the basis of equality, mutual benefit and reciprocity between the stakeholders, the statement said.

The Ministry said that the agreement will offer opportunity to explore possible projects in renewable energy for investments, cooperation in the International Solar Alliance and possibilities of cooperation in R&D in renewables.

In addition, the GFA will emphasise on developing mechanisms for knowledge-sharing in order to create human capital for the parties looking for opportunities to establish a joint fund to facilitate investment, it added.