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India and Saudi to promote investment in new and renewable energy

October 12, 2023 6:52 pm

India and Saudi to promote investment in new and renewable energy

Both the countries signs Mou on green Hydrogen and supply chains.

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India and Saudi Arabia have agreed to promote investments in each other’s country in the new and renewable energy sector. On the second day of his visit, Union Power and NRE Minister R.K. Singh held bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih. Later on, Singh addressed a
gathering of Saudi 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 Arabia 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 meet. An MoU between India and Saudi Arabia in the fields of Electrical
Interconnections, Green / Clean Hydrogen and Supply Chains was signed
between Union Minister for Power and New & Renewable Energy, R.K. Singh
and the Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on the
sidelines of the MENA Climate Week in Riyadh.
This MoU aims to establish a general framework for cooperation between the
two countries 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 chains of materials used in
green / clean hydrogen and the renewable energy sector.

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