India and Saudi Arabia To Tie Up For Renewable Energy Sector
India and Saudi Arabia have agreed to advance investments in both countries in the new and renewable energy sectors. On Monday, during the 2nd day of his visit, Union Minister for Power, and New and Renewable Energy, R. K. Singh held bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih.
Following, Minister addressed a gathering of Saudi business personalities and investors and invited them to invest in India in new and renewable energy sectors like solar energy, wind power, and green hydrogen.
All major business houses in Saudi Arabia, including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, and NextGen Infra participated in the meet.
In the gathering, INVEST India made a brief presentation on the power sector areas where Saudi Arabian business houses could potentially invest in India. INVEST India is a National Investment Promotion and Facilitation Agency that assists investors looking for investment opportunities and options in India.
Investment opportunities in India in areas such as RE Generation projects, Energy Storage, Electricity Transmission and Green Hydrogen were highlighted during the meet.
On Sunday, India and Saudi Arabia signed a Memorandum of Understanding (MoU) in the fields of Electrical Interconnections, green hydrogen and supply chains on the sidelines of the Middle East and North Africa (MENA) Climate Week in Riyadh. The Climate Week is held in Riyadh, Saudi Arabia, from October 8-12.
This MoU aims to establish a general framework for cooperation between the two countries in the fields of electrical interconnection, co-development of projects, co-production of green/clean hydrogen and renewable energy, and ensuring the secure, reliable, and resilient supply chains.
The Indo-Saudi partnership has developed considerably in recent years due to sustained engagements in various fields, and the current visit has expanded the strategic partnership to a new level.
