India and Saudi Arabia decided to increase investment in renewable energy

On October 9, 2023, India and Saudi Arabia agreed to promote investment in each other's countries in the new and renewable energy sector. In this context, during the visit of India's Union Power Minister RK Singh to Saudi Arabia, he had bilateral discussions with the Saudi Investment Minister Khalid Al-Falih.

Invited to increase investment in renewable energy sector:

• Union Minister RK Singh while addressing a gathering of Saudi industrialists and investors invited them to invest in India in new and renewable energy sectors like solar energy, wind energy, green hydrogen etc.
• All major business houses of Saudi Arabia, including ACAWA Power, Alfanar, AWJ Energy, Almajdaoui, Abdulkareem, Aljomaih Energy and Water Company, Kanu Industrial and Energy, L&T, Nesma Renewable Energy, Petromin, NextGen Infra participated in the meeting.
• INVEST India made a brief presentation on areas in the power sector where Saudi Arabian business houses can potentially invest in India.
• Investment opportunities in India in sectors such as renewable energy generation projects, energy storage, power distribution and green hydrogen were highlighted during the meeting.

Sudair Solar Power Plant in Riyadh:

• Union Minister RK Singh also visited the Sudair Solar Power Plant in Riyadh along with the delegation. The plant is the largest solar plant in Saudi Arabia and is executed by an Indian company.

MENA Climate Week 2023 RK Singh leads Indian delegation:

• On the first day of the visit on October 8, Union Minister RK Singh led the Indian delegation to the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held in Riyadh.
• Union Minister RK Singh participated in the high-level ministerial panel on “Advancing the energy transition in the MENA region: Advancing inclusivity and circularity for a fair and equitable energy transition”, as part of the MENA Climate Week.
• The Union Minister also addressed the gathering highlighting the theme “GST Regional Dialogue: Riyadh Boulevard Ambition and Enablers and Technologies for City Inclusive Transformation”.
• During these addresses, the Union Minister touched upon a range of important issues ranging from climate change, affordable and reliable energy to achieving our Sustainable Development Goals and raised several issues in the light of the upcoming COP28 in the UAE.

An MoU between India and Saudi Arabia:

• MENA Climate between Union Minister RK Singh and Abdulaziz Bin Salman Al-Saud, Minister of Energy, Government of Saudi Arabia on an MoU between India and Saudi Arabia in the field of Electricity Interconnection, Green/Clean Hydrogen and Supply Chain on 8 October 2023 in Riyadh Signed on the occasion of the week.

Main objectives of the agreement:

• To establish a common framework for cooperation between the two countries in the field of electricity interconnection;
• exchanging power during high demand and emergencies;
• co-development of projects;
• Co-producing green/clean hydrogen and renewable energy; And
• It also aims to establish secure, reliable and resilient supply chains of materials used in the green/clean hydrogen and renewable energy sector.

Deepening relations between the two countries:

• Subsequently, the Union Minister held in-depth discussions with Prince Abdulaziz Bin Salman, Energy Minister of Saudi Arabia, on various areas of mutual interest.
• It was decided between the two Energy Ministers that B2B Business Summits and regular B2B interactions will be organized between the two countries to establish the full supply and value chain in the above-mentioned areas of energy sector cooperation.
• In recent years, the India-Saudi partnership has grown significantly. The visit of Union Minister RK Singh has further strengthened the strategic partnership between the two countries and opened doors for joint cooperation and investment in new and renewable energy sectors.