On Sunday, October 8, 2023, the Union minister for power and new and renewable energy of India and the Energy minister of Saudi Arabia inked a deal on securing a green hydrogen supply chain and corporation on power grid interconnection. Reportedly, RK Singh and Abdulaziz bin Salman Al-Saud exchanged a memorandum of understanding (MoU) for the same. The MoU was inked in Riyadh by the Energy Ministry of Saudi Arabia and the Power and New and Renewable Energy Ministry of India on the sidelines of the MENA Climate Week 2023. Do you what this MoU aims for and what is the significance of this deal? If not, the following sections will help you in getting the same. Keep reading this article.
The Union minister for power and new and renewable energy issued a statement following the deal with Saudi Arabia that the MoU aims to establish a general framework for cooperation between India and Saudi Arabia in the field of electrical interconnection, production of green & clean hydrogen, and renewable energy, co-development of projects, establishing secure, reliable, and resilient supply of chains of materials used in green hydrogen and renewable energy sector, and exchange of electricity during peak times and emergencies.
RK Singh said, “This memorandum of understanding 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, The memorandum was inked after a month when the two countries agreed for corporation in energy including in renewable energy, grid interconnection, energy efficiency, energy security, and strategic petroleum reserves. Continue reading this article and learn more.
India has been exploring linking its power grid from its west coast with Saudi Arabia and the UAE through subsea cables and from the east coast with the power grid of Singapore. By sharing power resources across regions, nations can pull down the need for costly renewable energy sources and better the reliability of their power grids. The ministry said that it was decided between India and Saudi Arabia that to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation regular B2B interactions and B2B Business Summits between the two countries would be conducted.