In a significant development, India and Saudi Arabia have forged a collaborative agreement to boost investments in the renewable energy sector in each other’s countries. This crucial initiative was announced during Union Power & NRE Minister Shri. R.K. Singh’s visit to Saudi Arabia.
During his visit, Minister R.K. Singh engaged in bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih. Following this, Minister Singh addressed a gathering of prominent Saudi business personalities and investors, extending an invitation for investments in India’s burgeoning new and renewable energy sectors. This invitation encompassed key areas such as solar energy, wind power, and green hydrogen. Notably, several major Saudi business entities, including ACWA Power, Alfanar, AWJ Energy, and L&T, participated in the meeting.
The initiative received further support when INVEST India delivered a presentation outlining potential investment opportunities in India’s power sector. These opportunities encompass renewable energy generation projects, energy storage, electricity transmission, and green hydrogen.
Minister R.K. Singh, accompanied by the delegation, also visited the Sudair Solar Power Plant in Riyadh, executed by an Indian company and currently the largest solar plant in Saudi Arabia. In addition, the Saudi-India Business Council hosted a dinner in honor of the esteemed Minister.
During the preceding day of his visit, Minister R.K. Singh represented India in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023, held in Riyadh. Here, he actively engaged in discussions focusing on advancing the energy transition and sustainability in the MENA region.
An instrumental Memorandum of Understanding (MoU) was signed between India and Saudi Arabia during the visit, covering vital aspects like electrical interconnections, green/clean hydrogen, and supply chains. This agreement aims to establish a comprehensive framework for cooperation in the field of electrical interconnections, green hydrogen production, and renewable energy.
The strategic partnership between India and Saudi Arabia has grown considerably, marking a significant milestone in strengthening their ties and fostering investments in the thriving renewable energy sector.
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