New Delhi: The Union Cabinet has given its approval to a Memorandum of Understanding (MoU) signed between India and Saudi Arabia to enhance cooperation in the field of renewable energy. The MoU was signed by the Ministry of New and Renewable Energy (MNRE) and the Ministry of Energy of the Kingdom of Saudi Arabia for cooperation in the field of renewable energy on October 29 in Riyadh.
The MoU aims at setting up a framework for cooperation between the two parties in the field of renewable energy. The agreement aims at upgrading the level of technologies and their applications in the field of renewable energy. It makes way for India to contribute to the field of renewable energy to raise its efficiency in the national energy combination in the Kingdom of Saudi Arabia.
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The MoU will also allow the two nations to develop renewable energy projects in solar, wind, biogas, geothermal and other fields of renewable energy, develop and localise the value chain, develop and boost uses of solar energy small applications for buildings, homes and others.
India and Saudi Arabia have signed numerous MoUs off-late in various sectors ranging from petroleum and renewable energy to logistics. The MoUs highlight the efforts of both countries in transforming the bilateral ties and promoting opportunities for cooperation in various sectors.