India And Saudi Arabia Sign An MOU To Cooperate In Renewables
- The MOU signed between the Saudi Arabia Ministry of energy and India has been approved by the union cabinet.
Prime Minister Narendra Modi chaired a union cabinet that approved the MOU between India’s ministry of energy and their Saudi Arabia counterparts to cooperate in the area of renewables. The two ministries agreed to cooperate in the following fields:
• Develop projects in geothermal, biogas, wind, solar and any other renewable energy
• Share and upgrade renewable energy technologies
• Help raise efficiency in renewable energy in Saudi Arabia
• Localize and develop renewable energy value
• Develop and boost the use of solar energy in homes and building.
According to RK Singh- the minister of new and renewable energy, India must invest more than Rs 4 Lakh Crore to help meet the target of 175 GW generation of renewable energy by 2022. The minister further said that the Indian government targets to install 175 gigawatts of green energy before 2022. The specific for the project include 5 GW from hydro, 10 gigawatts from biomass, 60 GW from and 100 GW from solar.
To achieve this goal, the ministry estimates to spend Rs 4, 14, 581 Crores. Note that in April, Wood Mackenzie consultancy firm release a report in which the Saudi government expects to build 2 GW power-producing plants from wind. It will represent the regions 46 wind capacity in the region.
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