India and Saudi Arabia have reached an agreement to foster investments in the renewable energy sector of each nation. During the second day of his visit, Shri. R.K. Singh, the Union Minister for Power and New & Renewable Energy, engaged in bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih. Subsequently, Shri Singh addressed an assembly of Saudi business leaders and investors, extending an invitation to invest in India’s renewable energy sectors, encompassing solar energy, wind power, green hydrogen, among others. Prominent Saudi business entities, including ACWA Power, Alfanar, AWJ Energy, and several others, actively participated in the meeting.
INVEST India provided a concise presentation on potential investment opportunities for Saudi Arabian businesses in India’s power sector. The presentation emphasized the prospects in areas such as RE Generation projects, Energy Storage, Electricity Transmission, and Green Hydrogen.
Accompanied by the delegation, Shri R. K. Singh visited the Sudair Solar Power Plant in Riyadh, recognized as the largest solar plant in the Kingdom, executed by an Indian company. Additionally, the Saudi-India Business Council hosted an honorary dinner in honor of the Minister.
On the first day of the visit, Shri. R.K. Singh led the Indian delegation in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023, held in Riyadh. He participated in a High-Level Ministerial Panel discussing the “Advancing the Energy Transition in the MENA region,” focusing on inclusivity and circularity in just and equitable energy transitions. Subsequently, he addressed the gathering, highlighting the enablers and technologies essential for ambitious and inclusive city transitions during the GST Regional Dialogue: Riyadh Boulevard.
An essential memorandum of understanding (MoU) was inked between India and Saudi Arabia during the MENA Climate Week. The MoU encompasses various areas, including Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. The agreement aims to provide a comprehensive framework for cooperation, covering aspects like electrical interconnection, electricity exchange during peak periods and emergencies, collaborative project development, green/clean hydrogen production, and resilient supply chains for materials utilized in green/clean hydrogen and the renewable energy sector.
Furthermore, Shri R.K. Singh engaged in detailed discussions on mutual areas of interest with Saudi Minister of Energy, HRH Prince Abdulaziz bin Salman. Both ministers decided to conduct B2B Business Summits and regular B2B interactions to establish complete supply and value chains in the energy sector. The Minister also met with Mr. Simon Stiell, Executive Secretary of UNFCCC, during the MENA Climate Week, where they explored various topics of mutual interest, particularly in preparation for the upcoming COP28 in the UAE.
The Indo-Saudi partnership has undergone significant strengthening in recent years, with sustained interactions at various levels. This visit has further solidified the strategic partnership between the two countries, paving the way for collaborative ventures and investments in the new and renewable energy sectors.
