New Delhi, October 10, 2023 – India-Saudi Arabia have taken a landmark step towards bolstering their economic ties by mutually agreeing to promote investments in the new and renewable energy sector. This development emerged during the official visit of Union Power & NRE Minister, Shri. R.K. Singh, to Saudi Arabia.
On the second day of his visit, Minister R.K. Singh engaged in fruitful bilateral discussions with Saudi Minister of Investment, H.E. Khalid Al-Falih. Following these talks, Shri. Singh extended an invitation to Saudi business leaders and investors to explore investment opportunities in India’s burgeoning renewable energy sectors, including solar energy, wind power, and green hydrogen. The meeting was attended by prominent Saudi business entities, such as ACWA Power, Alfanar, AWJ Energy, and others.
The meeting also featured a presentation by INVEST India, highlighting the various avenues for Saudi Arabian businesses to invest in India’s power sector, focusing on projects related to renewable energy generation, energy storage, electricity transmission, and green hydrogen.
As part of the delegation, Minister R.K. Singh and his team visited the Sudair Solar Power Plant in Riyadh, which is currently the largest solar facility in Saudi Arabia, managed by an Indian company. The visit showcased the potential for collaboration between the two nations in the renewable energy sector.
Furthermore, the Saudi-India Business Council hosted a dinner in honor of Minister R.K. Singh, fostering networking and relationship-building opportunities.
During the first day of his visit, Minister R.K. Singh represented India at the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023 in Riyadh. He actively participated in a High-Level Ministerial Panel focused on advancing the energy transition in the MENA region and addressed the audience on the topic of “GST Regional Dialogue: Riyadh Boulevard,” emphasizing the importance of inclusivity and technology in achieving sustainable development goals. Additionally, he raised pertinent issues related to climate change and the upcoming COP28 in the UAE.
Union Power & NRE Minister R.K. Singh Promotes Green Energy Investments in Saudi Arabia
A significant milestone during the visit was the signing of a Memorandum of Understanding (MoU) between India and Saudi Arabia. This MoU covers various areas, including Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains, aiming to establish a framework for cooperation between the two nations in these vital energy sectors.
Following this, Minister R.K. Singh engaged in detailed discussions with Saudi Minister of Energy, HRH Prince Abdulaziz bin Salman. Both ministers agreed to conduct Business-to-Business (B2B) Summits and regular interactions to enhance supply and value chains in the energy sector.
Moreover, Minister R.K. Singh met with the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), Mr. Simon Stiell, during MENA Climate Week, where they discussed mutual interests in preparation for COP28 in the UAE.
The visit underscored the strengthening of the Indo-Saudi partnership, creating new avenues for collaboration and investments in the ever-expanding field of new and renewable energy sectors, further solidifying the strategic partnership between these two nations.
The future looks promising as India and Saudi Arabia embark on a greener and more sustainable energy journey together.
