Monday 29 / April / 2024
New Delhi: India and Saudi Arabia have joined forces to promote investments in the burgeoning new and renewable energy sector. The collaborative effort between the two nations was announced during the visit of Union Power and New and Renewable Energy Minister Raj Kumar Singh to Saudi Arabia.
On the second day of his visit, Minister Singh held bilateral discussions with Saudi Minister of Investment HE Khalid Al-Falih.
During these discussions, both countries agreed to foster investments in each other's new and renewable energy sectors, encompassing solar energy, wind power, green hydrogen, and more, read the Ministry of New and Renewable Energy.
A gathering of prominent Saudi business personalities and investors was addressed by Singh, who extended an invitation to invest in India's burgeoning new and renewable energy sectors.
Major Saudi business houses, including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial and Energy, L&T, Nesma Renewable Energy, Petromin, and NextGen Infra, participated in this meet, read the press release.
INVEST India, the national investment promotion and facilitation agency, presented investment opportunities in India's power sector during the event.
Focus areas highlighted included renewable energy generation projects, energy storage, electricity transmission, and green hydrogen.
During his visit, Minister RK Singh also visited the Sudair Solar Power Plant in Riyadh, which is the largest solar plant in the Kingdom of Saudi Arabia.
This project is executed by an Indian company, underscoring the growing collaboration between the two nations in the renewable energy sector.
On the first day of the visit, Singh participated in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023 in Riyadh.
He contributed to the High-Level Ministerial Panel on "Advancing the Energy Transition in the MENA region," highlighting the importance of inclusivity and circularity in just and equitable energy transitions.
An important milestone during the visit was the signing of a Memorandum of Understanding (MoU) between India and Saudi Arabia.
The MoU covers cooperation in electrical interconnections, green/clean hydrogen, and supply chains.
This framework aims to facilitate the exchange of electricity during peak times and emergencies, co-development of projects, co-production of green/clean hydrogen and renewable energy, and the establishment of secure and resilient supply chains for materials used in these sectors.
The discussions between Minister RK Singh and Saudi Minister of Energy HRH Prince Abdulaziz bin Salman further solidified the commitment of both countries to establishing comprehensive supply and value chains in the energy sector through B2B Business Summits and regular interactions.
The visit not only consolidates the strategic partnership between India and Saudi Arabia but also paves the way for collaborative ventures and investments in the rapidly growing new and renewable energy sectors, furthering the sustainable energy goals of both nations.
