MOU was executed between Desert Technologies and Essar Group in the G20 summit
Desert Technologies (DT), an independent solar PV and smart infrastructure holding company entered into a long-term partnership with the multinational conglomerate Essar Group.
The MOU was executed between Desert Technologies and Essar Group at the G20 Summit on Monday at Delhi.
Through this partnership, DT and Essar will develop solutions for renewable energy generation and storage for Essar’s Flat Steel Complex in the KSA which is the first green steel project in the GCC region, and will also explore opportunities for other potential projects.
Both parties signed a Memorandum of Understanding (MOU) to develop renewable energy solutions for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA) as well as potential future projects that will put Saudi Arabia on the map, as a pioneering country in Green Steel production and green energy generation.
Based in Saudi Arabia, and operating in more than 25 countries, Desert Technologies has a proven track record as a PV developer, investor, EPC and O&M contractor, PV solar panel manufacturer, and energy storage systems integrator.
Commenting on the occasion, Chief Executive Officer of DT Investments, Khaled Sharbatly said: “Desert Technologies’s MOU with Essar signifies our long-term commitment to meet the growing demand for renewable energy solutions, especially in the KSA. Its solutions in the renewable energy sector, price competitivity, and low Carbon footprint solutions will further boost the growing low CO2 emission steel industry. We are proud to collaborate with Essar Group to support their pioneering project for setting up the first green steel project in Saudi Arabia.”
Naushad Ansari, Country Head for Essar Group in KSA, commented: “Essar is currently looking at investing about USD 4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia. This partnership with Desert Technologies will help us to access green energy and carbon-free energy storage solutions; thereby strengthening our commitment towards a low carbon footprint. We are committed to continuing to enhance KSA’s local content and help local businesses grow with us. This MOU also reconfirms Essar’s commitment to long-term investments in the KSA and development of green and sustainable strategy.”
The Essar project is set to be the region’s first Green Steel project aiming to set the global benchmark in the reduction of CO2.
The project will have a direct reduced iron (DRI) capacity of 5.0 mtpa, comprising two modules of 2.50 mtpa each, and 4.0 mtpa hot strip capacity, as well as 1.0 million tonnes of cold rolling capacity along with galvanizing and tin plate lines.
In line with the Kingdom’s ongoing demand for steel products and the targets set for Vision 2030, the facility will cater to all major steel-consuming industries including: Construction, Oil & Gas, Automotive, Packaging & General Engineering.
[With Inputs from IANS]
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