India, Saudi Arabia sign MOU for renewable energy investments

The deal will prioritise electrical interconnections, green/clean hydrogen and supply chains.

The governments of India and Saudi Arabia signed a memorandum of understanding (MOU) to strengthen cooperation in the fields of electrical interconnections, green/clean hydrogen and supply chains of both markets.

The deal aims to institute a general framework of cooperation between the two countries, covering all three urgent areas of the energy sector. 

It will also comprise the improvement of the exchange of electricity during peak times and emergencies, co-development of projects, coproduction of renewable energy, and the establishment of secure materials for renewables.

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B2B Business Summits and regular B2B meetings will also be organised to develop comprehensive supply and value chains.

Through the partnership, Shri R.K. Singh, Union Minister for Power and New & Renewable Energy, Government of India, emphasised the importance for nations to recognise the obstacles and opportunities in energy transition, particularly in the South Asia region, and to expedite cooperation in the growth and distribution of sustainable biofuels. 

“The country has made significant strides in enhancing power generation capacity from non-fossil fuels, established a unified national grid and has strengthened distribution network, promoting renewable energy, expanding access to energy and achieving 100% household electrification, and implementing innovative policies. Therefore, it is imperative that we work together to support each other in this transition,” Singh stated.