India and Saudi Arabia agree to invest in renewable energy

Union Power & NRE Minister Shri. R.K. Singh held bilateral discussion with Saudi Arabian Minister of Investment H.E. Khalid Al-Falih, On the 2^nd day of his visit yesterday. India and Saudi Arabia have agreed to promote investments in each other’s country in the  new and renewable energy sector.

Shri. R.K. Singh addressed a gathering of Saudi Arabia business personalities and investors and invited them to invest in India in the new and renewable energy sectors like solar energy, wind power, green hydrogen etc. All major business houses in Saudi including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, NextGen Infra participated in the business meet.

INVEST in India made a brief presentation on the power sector areas where Saudi business houses could potentially invest in India. Opportunities of Investment in India in areas like RE Generation projects, Energy Storage, Electrical Transmission and Green Hydrogen sector were highlighted during the business Meet.

Shri Singh along with the delegation also visited the Sudair Solar Power Plant in Riyadh. The Sudair plant is the largest Solar plant in the Kingdom and the work is executed by an Indian company. Saudi Arabia -India Business Council also hosted a dinner in honour of Hon’ble Minister Shri. R.K. Singh.

On the 1^st day of visit on October 08, The Union Power & NRE Minister Shri. R.K. Singh led the Indian’s delegation in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held in Saudi’s Riyadh.

Shri. R.K. Singh also addressed the gathering on the topic “GST Regional Dialogue: Riyadh Boulevard highlighting enablers and technologies for ambition and City inclusive transitions”. During these addresses, the Union Minister Shri. R.K. Singh touched upon multitude of pressing issues, ranging from climate change, affordable and reliable energy in achieving our Sustainable Development Goals and raised  several issues in light of the upcoming COP28 in UAE. 

India and Saudi Arabia signed an MoU between the fields of Electrical Interconnections, Green / Clean Hydrogen and Supply Chains. Shri R.K. Singh, Union Minister for Power and New & Renewable Energy, Government of India, and Mr. Abdulaziz bin Salman Al-Saud, the Minister of Energy, Government of Saudi Arabia, was signed the MoU. On the sidelines of the MENA Climate Week in Saudi Riyadh on 08 October 2023.

This MoU aims to establish a general framework for cooperation between the india and Saudi Arabia in the field of electrical interconnection, exchange of electricity during peak times and emergencies, co-development of projects, co-production of green / clean hydrogen and renewable energy, and also establishing secure, reliable and resilient supply chain of materials used in green / clean hydrogen and the renewable energy sectors.

The Union Minister Shri. R.K. Singh for Power and New & Renewable Energy had in-depth discussions on various areas of mutual interests with Saudi Minister of Energy  HRH Prince Abdulaziz bin Salman. It was decided between the india and Saudi Arabia energy ministers that B2B Business Summits and regular B2B interactions between the two countries will be conducted to establish complete supply and value chain in the above-mentioned areas of energy sectors cooperation.

Hon’ble Minister Shri. R.K. Singh also  met with Executive Secretary, UNFCCC Mr. Simon Stielln the sidelines of  MENA Climate Week in Riyadh. They discussed issues of mutual interests, specially in light of upcoming  COP28 in UAE.

The Indo-Saudi Arabia partnership has strengthened considerably in recent years due to sustained engagements at various levels. The visit further consolidated the strategic partnership between the india and Saudi Arabia opened doors for joint collaborations and investments in new and renewable energy sectors.