Indian Economy News

India and Saudi Arabia have decided to promote investment in the New & Renewable Energy

India and Saudi Arabia have decided to encourage investments in the fields of new and renewable energy in each other's countries. On October 9, 2023, on the second day of his visit, Saudi Arabia's Minister of Investment, Mr. H.E. Khalid Al-Falih, and Union Power & NRE Minister Mr. R.K. Singh had one-on-one conversations. Later, in a speech to a group of Saudi business personalities and investors, Mr. R.K. Singh asked them to invest in India's new and renewable energy sectors, such as green hydrogen, wind power, and solar energy.

At the meet, representatives from all of the major business houses in Saudi Arabia, including those from 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.

Saudi Arabian business houses may consider investing in India's power sector, according to a brief presentation by INVEST India. The meeting highlighted investment prospects in India in areas like renewable energy generation projects, energy storage, electricity transmission, and green hydrogen.

The delegation also paid a visit to the Sudair Solar Power Plant in Riyadh with Mr. R. K. Singh. The work is executed by an Indian company, and the plant is the biggest solar power plant in the Kingdom. Saudi-India Business Council also hosted a dinner in honour of the Hon’ble Minister.

On October 8, 2023, in Riyad, Saudi Arabia, on the sidelines of the MENA Climate Week, the Union Minister for Power and New & Renewable Energy, Government of India, Mr. R.K. Singh, and the Minister of Energy, Government of Saudi Arabia, Mr. Abdulaziz bin Salman Al-Saud, signed a memorandum of understanding (MoU) between India and Saudi Arabia in the fields of Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. This Memorandum of Understanding aims to establish a broad framework for cooperation between the two nations in the areas of electrical interconnection, exchange of electricity during peak hours and emergencies, project co-development, co-production of green/clean hydrogen and renewable energy, and also establishing secure, dependable, and resilient supply chains of materials used in the green/clean hydrogen and the renewable energy sectors.

The Saudi Minister of Energy HRH Prince Mr. Abdulaziz bin Salman and the Union Minister for Power and New & Renewable Energy then had extensive conversations on a number of topics of shared interest. The two energy ministers agreed that regular B2B interactions and B2B business summits would be held to create entire supply and value chains in the aforementioned areas of energy sector cooperation. Hon'ble Minister also met with Executive Secretary, UNFCCC Mr. Simon Stielln on the sidelines of MENA Climate Week in Riyadh. They discussed issues of mutual interest, especially in light of the upcoming COP28 in the UAE.

Due to ongoing engagements at various levels, the Indo-Saudi partnership has grown significantly in recent years. The visit strengthened the strategic partnership between the two nations and provided a platform for cooperation and investment in the fields of new and renewable energy.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.