About India & Canada's C$2.6bn Renewable Energy Deal

A strategic energy partnership between Canada and India has been established, centred on a C$2.6bn (US$1.8bn) uranium supply agreement alongside expanded cooperation in renewables, hydrogen and critical minerals.

The agreement was finalised during Prime Minister Mark Carney's visit to Mumbai and New Delhi, representing the first bilateral visit to India by a Canadian Prime Minister since 2018.

The development signals a reset in relations following years of diplomatic tension.

India's energy demand is rising faster than any other major economy over the coming decades.

With a population of 1.4 billion and rapid industrialisation, the country is scaling up nuclear, renewable and alternative fuels capacity to meet surging consumption while targeting reduced emissions and import dependence.

The uranium supply contract forms the centrepiece of the agreement.

Saskatoon-based Cameco and India's Department of Atomic Energy have concluded a long-term deal under which Cameco will supply nearly 22 million pounds of uranium to India between 2027 and 2035, supporting fuel requirements for the country's expanding nuclear fleet.

Chief Executive Officer of Cameco Tim Gitzel says: "Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada.

"India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn't possible without a stable supply of uranium fuel"

“Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained. 

“As a proven and reliable producer, Cameco is globally recognised as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”

Indian Prime Minister Narendra Modi highlighted the scale of the agreement following talks in Delhi.

"In civil nuclear energy, we have reached a landmark deal for long-term uranium supply. We will also work together on small modular reactors and advanced reactors," Prime Minister Modi says.

Clean energy cooperation expands

Both governments signed an MoU on renewable energy cooperation between India's Ministry of New and Renewable Energy and Canada's Ministry of Energy and Natural Resources.

The agreement promotes technical collaboration in solar, wind, biomass, waste-to-energy, small hydropower and energy storage.

Canada announced it will begin the process of joining the International Solar Alliance, reinforcing cooperation on solar deployment.

India welcomed Canada's decision to upgrade to full membership status in the Global Biofuels Alliance.

Hydrogen represents another pillar of the partnership. Simon Fraser University and the Hydrogen Association of India signed an MoU to advance joint hydrogen research, innovation and technology development.

Critical minerals and trade ambitions

India's Ministry of Mines and Canada's Department of Natural Resources signed an MoU on critical minerals value chains, covering exploration, mining, processing, investment promotion and technical exchange.

These arrangements are designed to diversify supply chains and secure materials for renewable energy systems, batteries and advanced manufacturing.

The two governments committed to intensifying engagement on liquefied petroleum gas (LPG) with the aim of concluding Canada's first long-term LPG arrangement with India.

Liquefied natural gas (LNG) also forms part of the Strategic Energy Partnership, reflecting India's growing gas demand.

Both sides confirmed that negotiations toward a Comprehensive Economic Partnership Agreement will conclude by the end of 2026.

"Our target is to reach US$50bn in bilateral trade. This is why we have decided to finalise a comprehensive economic partnership soon," Modi says.

The rapprochement follows years of strained diplomatic ties between 2023 and 2025. Geopolitical shifts, including exposure to US trade tariffs and volatility in global energy markets, have encouraged both countries to diversify partnerships.

With uranium deliveries scheduled to begin in 2027 and negotiations on trade and LPG supply ongoing, the partnership now moves from political agreement to implementation.