India and Saudi Arabia have agreed to promote investments in each other’s countries in the field of new and renewable energy. Yesterday, on the second day of his visit, Union Power and NRE Minister RK Singh held bilateral talks with Saudi Investment Minister HE Khalid Al Falih.
Later, Singh addressed a gathering of Saudi businessmen and investors and invited them to invest in India in new and renewable energy sectors like solar power, wind power, green hydrogen etc.
All the major business houses of Saudi Arabia including ACWA Power, Al-Fanar, AWJ Energy, Al Majdoi, Abdul Karim, Al Jumaa Energy & Water Company, Kano Industrial & Energy, L&T, Nisma Renewable Energy, Petroman, NextGen Infra attended the meeting.
INVEST India made a brief presentation on areas in the power sector where Saudi Arabian business houses could potentially invest in India. During the meeting, investment opportunities in India in sectors like RE generation projects, energy storage, power transmission and green hydrogen were highlighted.
RK Singh along with the delegation also visited Sudir Solar Power Plant in Riyadh. This plant is the largest solar plant in the country and is being operated by an Indian company. The Saudi-India Business Council also hosted a dinner in honor of the minister.
On the first day of the visit on 08 October, the Union Power and NRE Minister led the Indian delegation to the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023 held in Riyadh. RK Singh participated in a high-level ministerial panel on “Advancing Energy Transition in the MENA Region: Advancing Inclusivity and Scope for a Fair and Equitable Energy Transition” as part of MENA Climate Week.
After that, he addressed the gathering on the topic “GST Regional Dialogue: Empowering and Technologies for Ambition and City Inclusive Transitions on Riyadh Boulevard”.
During these addresses, the Union Minister discussed a number of key issues in achieving our Sustainable Development Goals, ranging from climate change, affordable and reliable energy, and raised several issues in light of the upcoming COP28 in the UAE.
An MoU between India and Saudi Arabia in the areas of electrical interconnection, green/clean hydrogen and supply chain was signed by the Union Minister for Power and New and Renewable Energy, Government of India, RK Singh, and the Minister of Energy, Between Govt. Saudi Arabia’s Abdulaziz bin Salman Al Saud on the occasion of MENA Climate Week in Riyadh on October 8, 2023.
The MoU aims to establish a general framework for cooperation in the field of electrical interconnection between the two countries. Exchange of electricity during peak hours and emergencies; joint development of projects; green/clean hydrogen and renewable energy co-production; and also establishing a safe, reliable and resilient supply chain of materials used in the green/clean hydrogen and renewable energy sector.
Thereafter, the Union Minister of Energy and New and Renewable Energy held in-depth discussions with the Saudi Energy Minister HRH Prince Abdulaziz Bin Salman on various areas of mutual interest.
It was decided between the two energy ministers that a B2B business summit and regular B2B interaction between the two countries will be held to establish a complete supply and value chain in the above areas of cooperation in the energy sector.
The minister also met UNFCCC Executive Secretary Simon Stellen on the sidelines of MENA Climate Week in Riyadh. They discussed issues of mutual interest, particularly in light of the upcoming COP28 in the United Arab Emirates.
Indo-Saudi partnership has strengthened significantly in recent years due to continuous engagement at various levels. The visit further strengthened the strategic partnership between the two countries and opened doors for joint cooperation and investment in new and renewable energy sectors.
First Published: October 10, 2023, 16:22 IST