India and Saudi Arabia Forge Closer Ties in New & Renewable Energy Investments
In a significant move aimed at bolstering their collaboration in the field of new and renewable energy, India and Saudi Arabia have inked a pact to promote investments in each other’s burgeoning renewable energy sectors.
During his second-day visit to Saudi Arabia, Union Power & New and Renewable Energy Minister, R.K. Singh, engaged in bilateral discussions with Saudi Minister of Investment, Khalid Al-Falih. This meeting was followed by an address by Shri. Singh to a gathering of influential Saudi business leaders and investors, where he extended a warm invitation for them to invest in India’s new and renewable energy sectors, encompassing solar energy, wind power, green hydrogen, and more. Several prominent Saudi business entities 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 actively participated in this forum.
During the meeting, INVEST India made a compelling presentation outlining opportunities in India’s power sector, showcasing potential investment areas like Renewable Energy Generation projects, Energy Storage, Electricity Transmission, and Green Hydrogen.
As part of the visit, Shri. R.K. Singh and the delegation also had the opportunity to tour the Sudair Solar Power Plant in Riyadh, a project executed by an Indian company and the largest solar plant in the Kingdom. A dinner hosted by the Saudi-India Business Council in honor of the Hon’ble Minister further highlighted the strengthening ties between the two nations.
On the first day of the visit, on October 8, Union Power & New and Renewable Energy Minister, R.K. Singh, led the Indian delegation during the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023 held in Riyadh. During his participation, Shri. Singh engaged in the High-Level Ministerial Panel discussion, “Advancing the Energy Transition in the MENA region: Advancing inclusivity and circularity for just and Equitable Energy Transitions,” as part of the MENA Climate Week. He also addressed the audience on the topic “GST Regional Dialogue: Riyadh Boulevard highlighting enablers and technologies for ambition and City inclusive transitions.” His addresses touched upon various pressing issues, including climate change, the role of affordable and reliable energy in achieving Sustainable Development Goals, and crucial matters leading up to COP28 in the UAE.
On the sidelines of the MENA Climate Week in Riyadh on October 8, 2023, an MoU was signed between India and Saudi Arabia in the areas of Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. The agreement seeks to establish a comprehensive framework for cooperation between the two nations in the field of electrical interconnection, electricity exchange during peak times and emergencies, co-development of projects, co-production of green/clean hydrogen and renewable energy, and the establishment of secure, reliable, and resilient supply chains for materials used in green/clean hydrogen and the renewable energy sector.
Subsequently, the Union Minister for Power and New & Renewable Energy conducted in-depth discussions with Saudi Minister of Energy HRH Prince Abdulaziz bin Salman on various areas of mutual interest. Both ministers agreed to organize B2B Business Summits and regular B2B interactions between the two countries to create complete supply and value chains in the aforementioned areas of energy sector cooperation. During his visit to the MENA Climate Week in Riyadh, Hon’ble Minister also had a meeting with Executive Secretary of UNFCCC, Simon Stiell, where they discussed issues of mutual interest, particularly in light of the upcoming COP28 in the UAE.
The visit further solidified the strategic partnership between India and Saudi Arabia and laid the foundation for joint collaborations and investments in the burgeoning new and renewable energy sectors.
