I2U2 joint statement: Hybrid renewable energy project of 300 MW to be established in Gujarat

New Delhi: The I2U2 group will advance a hybrid renewable energy project in Gujarat consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system. The decision was announced after the inaugural meeting of the leaders of the group on Thursday “The US Trade and Development Agency funded a feasibility study for the $ 330 million USD project,” the I2U2 joint statement issued after the inaugural meeting of leaders of India, Israel, the United States and the United Arab Emirates (UAE) stated. The statement further said that the UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. “Israel and the United States intend to work with the UAE and India to highlight private sector opportunities. Indian companies are keen to participate in this project and contribute to India’s goal of achieving 500 GW of non-fossil fuel capacity by 2030. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector,” the statement read. Also Read: I2U2 joint statement: UAE to invest $2 billion to establish integrated food parks across India The I2U2 joint statement also informed that the United Arab Emirates will invest USD 2 billion to develop a series of integrated food parks across India under the framework of the four-nation grouping ‘I2U2’. The I2U2 leaders – Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan – expressed their determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security and sustainable food systems. The I2U2 leaders meeting on Thursday focused on the food security crisis and clean energy. The leaders discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks. The leaders reaffirmed their support for the Abraham Accords and other peace and normalisation arrangements with Israel. “We welcome the economic opportunities that flow from these historic developments, including for the advancement of economic cooperation in the Middle East and South Asia, and in particular for the promotion of sustainable investment amongst the I2U2 partners,” the I2U2 joint statement read. The leaders also welcomed other new groupings of countries, such as the Negev Forum for regional cooperation, that recognise the unique contributions of each partner country. The I2U2 grouping was conceptualised during the meeting of the foreign ministers of the four countries held on 18 October, 2021. India’s bilateral strategic ties with each of the three countries have been on an upswing in the last few years. With inputs from agencies Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.